South America’s largest nation, Brazil, is nearing the authorization of wagering on sporting events, generating considerable excitement among sector specialists. Marcelo Munhoz da Rocha, a legal advisor with BetConsult, informed Gambling Insider that the country has taken substantial actions towards this objective.
The enactment of Provisional Measure 846 in 2018, endorsed by both parliamentary chambers and the head of state, has bolstered confidence in the legitimization of fixed-odds sports wagers. This development is widely perceived as delayed, with the Ministry of Finance projecting that lotteries, encompassing sports betting, could yield around R$30 billion (US$7.7 billion) in income for the national treasury.
Crucially, the departing president’s backing for the measure has extended to the succeeding administration. Both President Jair Bolsonaro and his Justice Minister, former magistrate Sergio Moro, advocate for legalization, rendering a reversal improbable.
Considering this broad support, da Rocha deems the process practically certain. His current attention is directed towards the subsequent stages and the implications for other forms of gaming in Brazil. He observes that the indications are promising, as the new federal government seems inclined towards a more laissez-faire economic stance.
Conversely, the current government holds strong backing from faith-based organizations, potentially creating a hurdle for legalizing alternative forms of wagering.
For instance, Senate Bill 186/2014, which drew considerable interest from both domestic and global gaming companies, sought to authorize bingo, internet-based sports wagering, and casino gaming. Nevertheless, it was ultimately rejected by a Senate panel in a resounding 13-2 decision.
Although it remains premature to predict the future of other gambling forms in Brazil, a feeling of hopefulness prevails. Daroch speculates that by 2019, we’ll witness some favorable developments within the Brazilian gaming sector.
