Brazil has taken substantial steps toward making sports wagering legal, disclosed Marcelo Munhoz da Rocha, a legal advisor with BetConsult, to Gambling Insider.
As the Provisional Measure 846/2018 cleared both chambers of Congress and secured Presidential consent, the South American country is now poised to regulate fixed-odds sports betting.
Public expectation for this advancement is significant, with the Ministry of Finance projecting that lotteries, encompassing sports wagering, could yield approximately R$30 billion (roughly US$7.7 billion) in income for the national government, as per da Rocha.
Outgoing President Michel Temer’s endorsement has the support of the recently elected President Jair Bolsonaro and his Justice Minister, former magistrate Sergio Moro, making it improbable to be reversed when he assumes office.
Considering the backing from the public and government authorities, da Rocha contends that the process is practically certain. He outlines the subsequent measures and the implications for other forms of gaming in Brazil.
Da Rocha observes that the incoming federal administration is anticipated to adopt a more permissive stance on the operation of the Brazilian economy, which is evident in various ways.
As the current government benefits from broad backing by faith-based organizations, which doesn’t look promising for the authorization of alternative forms of wagering, there are rays of optimism.
Senate Bill 186/2014, intended to make lawful bingo, internet-based sports wagering, and casino amusements, was rejected by a Senate panel earlier this year. Despite attracting considerable attention from both Brazilian and global operators, the legislation was voted down 13 to 2.
While it’s premature to forecast the trajectory of other gaming forms in Brazil, sector experts like Darocha posit that 2019 might be a pivotal year for the Brazilian gaming industry.