The South American nation of Brazil is nearing the establishment of a regulated internet gaming sector. A Senate committee recently approved bill SB 186/2014, a significant piece of legislation that could transform the country’s gambling scene, following a brief postponement.
For the past seven decades, gambling has been mostly prohibited in Brazil, but legislators in the National Congress are attempting to alter that. This historic measure seeks to legalize a variety of gambling activities, including physical casinos, sports wagering, bingo parlors, horse racing, and internet gambling.
An intriguing feature of the bill is its possible effect on “Jogo do Bicho,” sometimes known as “the animal game,” a well-known numbers game currently operated by criminal syndicates. Under the proposed legislation, this game, which has a long and intricate past in Brazil, would be legalized and regulated.
While the bill still has a long way to go before becoming law, its clearance by the Senate committee represents a crucial step forward. Industry titans such as William Hill are keeping a close eye on the situation, with some analysts predicting that a regulated Brazilian gambling market could produce billions of dollars in annual tax income.
The head of the Brazilian Gaming Group emphasized the large quantity of Brazilians, approximately 200,000 monthly, who journey to foreign nations to engage in wagering activities. He noted that an astounding 70% of patrons at casinos in Uruguay originate from Brazil.
Major players in the industry, like Ellers and Kresic Gaming, posit that the present financial landscape in Brazil, combined with the government’s urgent requirement for supplementary tax income, makes this year’s effort for gaming growth the most probable to triumph in over ten years.
The complete Senate is expected to assemble for a discussion on the subject this week. The legislation necessitates their endorsement before it can proceed to the subsequent phase of the lawmaking procedure.