The South American nation of Brazil is on the verge of authorizing and overseeing internet-based wagering. This development follows the endorsement of legislation SB 186/2014 by a Brazilian Senate panel, a measure with the potential to reshape the country’s gambling landscape.
For seven decades, gambling has been prohibited in Brazil, but legislators are advocating for a shift in policy. The proposed law would not only legitimize online gambling but also give the green light to brick-and-mortar casinos, sports wagering, bingo establishments, and betting on horse races.
Even the widely popular “Jogo do Bicho,” or “animal game,” a lottery currently managed by criminal organizations, would be brought into the legal fold and regulated. This game, operating across 25 states, has been outlawed nationwide since 1946, with the exception of the state of Paraíba.
The legislation, having undergone modifications, received approval from the Special Committee on National Development (CDEN) and is now set to be presented to the full Senate for a vote.
Industry analysts predict that if the bill is passed, it could mark a pivotal moment for the international gambling sector. Brazil could potentially generate an estimated $3 billion in yearly tax income from gambling alone. This prospect has sparked enthusiasm among major global operators like William Hill, who hailed the potential legalization as “a momentous occasion in the annals of gambling.”
The head of the Brazilian Gaming Association recently emphasized the massive possibilities of making gambling legal in Brazil. He noted that more than 200,000 Brazilians journey overseas monthly just to wager, with casinos in Uruguay reporting a staggering 70% of their customers are Brazilian citizens.
Major players in the industry, like Aires and Cresiek Gaming, share this view. They contend that the present financial situation, combined with Brazil’s requirement for greater tax income, makes this year’s effort for legalization the most probable to pass in over ten years.
The Senate is anticipated to conduct a session on the proposed legislation this week, a critical move toward its possible ratification and enactment.
