Brazilian lawmakers reconsidering viability of a regulated sports betting

Brazilian lawmakers reconsidering viability of a regulated sports betting

Lawmakers in Brazil are once again ready to explore the viability of a regulated sports betting market to achieve greater economic and social development goals. After years of delays, Brazilian lawmakers are now preparing to return to the table to discuss how they can pave way for the sports betting in one of the high potential gaming and betting market in Latin America.

Celso Sabino, the Minister of Tourism in the Government of Brazil, will partake in a luncheon that will be organized by the Entrepreneurship Parliamentary Front on coming Tuesday. The group explains itself as the national Congress’ non-profit, supra-partisan civil association of members of parliament. It aims to make Brazil economically as well as socially developed and contribute to policy making.

The aforementioned gathering will provide an opportunity for the discussion the regulation of gambling businesses like casinos, bingo halls, and games of chance across the Latin American nation, which is the fifth most-populous country in the world. In the past, the topic of gaming expansion faced unprecedented difficulty in finding support.

The Brazilian Senate, the Regulatory Framework for Gambling (Bill 442/1991) is still active. In October last year, it was approved by the Chamber of Deputies. Proponents of the legislation say that the gaming market could hit the mark of BRL20 billion (approx. US$4 billion) per annum. Through generation of direct and indirect jobs, it will likely contribute in a big way for the stronger economy.

Sabino, who only became the tourism minister earlier this month, has been is support of sports betting since he was a deputy. Continuing to express his support, Sabino said gambling expansion will benefit of the national economy a lot.

In case the Brazilian Senate also gives its approval to Bill 442, commercial casinos could become part of existing resorts or some other tourism complexes. Any property in the country would be able to host a gambling-friendly space only if it meets certain minimum requirements, including a minimum number of hotel rooms and restaurants, in addition to certain other amenities.

In a recent interview, Senate President Rodrigo Pacheco said that the regulation of sports betting could accelerate the pace of arrival of casinos. However, he acknowledged the fact that it could still take a long time.

Ever since the implementation of the general gambling ban in 1941, state lotteries and horse betting have been the only legal forms of gambling in Brazil. As poker is regarded as a skill-based game, the country’s law exempts it from an illegal status.

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