The South American nation of Brazil is nearing the legalization of wagering on sporting events, a development that has industry experts enthusiastic.
BetConsult legal advisor Marcelo Munhoz Larrosa recently indicated to Gambling Insider that the prospects for legal sports betting in Brazil appear very promising.
Larrosa noted that following the Chamber of Deputies and Presidential approval of Provisional Measure 846/2018, there’s a palpable sense of hope surrounding the legitimization of fixed-odds sports wagers. The Brazilian populace seems largely receptive, and the Ministry of Finance projects that games of chance, encompassing sports betting, could generate approximately R$30 billion (US$7.7 billion) in government revenue. Although former President Michel Temer granted the approval, it is anticipated that new President Jair Bolsonaro and his Minister of Justice, Sergio Moro, will maintain its momentum.
With all stakeholders seemingly in agreement, Larrosa believes it’s practically a certainty. His focus has already shifted to future implications and the potential for this to pave the way for other forms of gambling within Brazil.
“Positive indicators suggest that the incoming Federal Government intends to embrace a more permissive approach to the management of the Brazilian economy,” Larrosa stated.
As Brazil considers broadening legal gambling to encompass activities like bingo, internet-based sports wagering, and casinos, it encounters substantial resistance from faith-based organizations that wield considerable influence within the current government. This was apparent in March when Senate Bill 186/2014, intended to authorize these gambling forms, was rejected by a Senate Committee. Despite attracting attention from both national and global operators, the legislation was defeated by a vote of 13 to 2.
While the trajectory of gambling legalization in Brazil remains uncertain, specialists like Darocha suggest that some favorable progress might occur before 2019.