Analysts suggest that Brazil is nearing the legalization of wagering on sporting events.
In a Gambling Insider exclusive, Marcelo Munhoz da Rocha, a legal advisor at BetConsult, a gaming advisory firm, stated that Brazil is steadily progressing towards legal sports betting.
The authorization of Provisional Measure 846/2018 by both legislative bodies and the head of state provides significant optimism for the legitimization of fixed-odds sports wagering in the South American nation, according to da Rocha.
He noted that public expectation has been growing, and the Ministry of Finance projects that lotteries, encompassing sports betting, could generate approximately R$30 billion (US$7.7 billion) in income for the national government.
Outgoing President Michel Temer’s endorsement is supported by President-elect Jair Bolsonaro and his Justice Minister, former magistrate Sergio Moro, making it improbable that the measure will be reversed when they assume office.
Considering the backing from the citizenry and government authorities, da Rocha deems the process practically certain. He inquires about the subsequent steps and the implications for other forms of gaming in Brazil.
“Indications suggest that the incoming Federal Government intends to embrace a more permissive approach to the functioning of the Brazilian economy, which is an encouraging sign,” remarked da Rocha.
As the present government benefits from broad backing among faith-based organizations, a situation not favorable for the authorization of alternative gaming forms, some rays of optimism persist.
Consider, for instance, Senate Bill 186/2014. Despite its objective to legitimize bingo, internet-based sports wagering, and casino amusements, it was ultimately rejected by a Senate panel (13 votes against 2, a stinging defeat!). Nevertheless, the degree of notice it attracted – both domestically within Brazil and globally – implies a burgeoning desire to broaden the nation’s gaming panorama.
Although it’s premature to definitively predict the future of other gaming forms in Brazil, authorities like Darocha posit that 2019 could mark a pivotal moment for the sector.
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