Wagering on athletic events is nearing legalization in Brazil. The lower house of Parliament recently approved a lottery measure containing provisions for regulated sports betting.
Although the legislation primarily addresses the allocation of lottery proceeds to areas such as law enforcement and arts initiatives, it also sets the stage for both digital and physical sports wagering. The administration now has a timeframe of two years to establish regulations and commence issuing permits.
A proponent of the bill, one legislator, estimates that legalized sports betting in Brazil could generate revenues exceeding a billion dollars! The measure appears to enjoy widespread backing, as it passed the Chamber of Deputies with near-unanimous support.
Under the new framework, entities operating these betting ventures will be mandated to distribute a significant portion of their earnings back to participants. Naturally, a percentage will also be remitted to the government.
This development is significant because, earlier this year, the prospects of legal sports betting seemed uncertain. However, with the endorsement of influential figures like the incoming Attorney General, the outlook appears promising for those eager to engage in legal wagering within Brazil.
A March 2014 legislative proposal seeking to make bingo, internet sports wagering, and casino gaming lawful in Brazil was rejected by the Senate panel. Even with substantial attention from domestic and global gaming entities, the measure was voted down by a tally of 13 to 2.
The suggested statute would have empowered the Brazilian national administration with final say in awarding permits for all types of gambling. The Finance Ministry would have held the responsibility of supervising the regulatory framework and the continuous granting of licenses.
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