Brazil eyes inclusion of gambling provisions in updated sports betting framework
Brazil may accelerate the revival of its gambling market by potentially including required gambling provisions in its forthcoming sports betting regulations. However, the implementation of those gambling provisions will entirely hinge on the ability of sports betting operators to adhere to new regulatory guidelines.
Brazil is said to be on the verge of formulating its sports betting regulations, with a great possibility of re-introducing commercial casinos. Some recent reports suggest that online sports betting regulations of the country may serve as a precursor to wider gambling legalization, which enjoys the support of Senate President Rodrigo Pacheco.
However, Senate President Pacheco has already made it crystal clear that enthusiasm for casinos should not ignore responsible conduct by sports betting operators as well as gamers. If online sports betting regulations prove successful, the way for casinos and other forms of gambling will become clear and the commercial gaming businesses could come a reality sooner than later. While the Senate’s debate on the issue of legalization of gambling remains stagnant, Pacheco intends to perceive the finance ministry's response to sports betting regulation as a reference. He wants to kickstart conversations in the Senate accordingly.
Minister of Tourism, Celso Sabino, has also expressed approval for legalized gambling, pointing to its revenue potential. Sabino, who previously voted in support of a pro-gambling bill in the Chamber of Deputies, sees it as a great way to support the economic development.
Meanwhile, Chamber of Deputies President Arthur Lira has urged Pacheco as well as the Senate to confirm the sports betting framework's language at the earliest possible.
The Ministry of Finance of the largest Latin American country recently presented an updated measure on provisional sports betting, addressing regulations and taxes. This updated measure is now awaiting Congressional approval.
At present, the unregulated gaming market of Brazil is benefiting only some gaming operators, while the country continues to lose significant revenue. According to recently published report by Playtech, nearly 60 per cent of surveyed Brazilians were engaged in online gambling in the past six months, which points to substantial revenue missed by the exchequer.
The revenue loss mentioned in the Playtech report is not only a stark reminder of the missed opportunities in the gambling sector, but also underscores the pent-up demand for a regulated and taxed gambling market. Brazil’s ongoing economic struggle and fiscal challenges make it even more critical for the country to seize this opportunity and establish a comprehensive gambling system.