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Brazil OKs Sports Betting
December 16, 2018 Jim Murphy
For the first time in Brazil’s history, online and land-based sports betting with fixed odds will be legal. On Wednesday, Brazil’s President, Michel Temer, signed the sports betting legislation into law…
…and the international gambling operators are at the edge of their seats, waiting to cross the border and offer their services in the newly-opened market.
With Provisional Measure 846/2018, not only has the sports betting allowed, but also the nation’s lottery proceeds distribution is revised. In fact, this has been the focus of the legislation in the first place.
Big Moves
The president will end his mandate in the weeks and g a legislation into a law that allows sports wagering is a great way to end it. The ceremony saw big names in politics in Brazil and ministers of sports, culture human rights and public security were all present.
All of these departments are expected to get a cut of the gaming revenue collected by the state. Temer said that this ceremony was “a brilliant afternoon for public safety, culture, sports and, above all, the Brazilian people.”
Swift Action
The Brazilians apparently wanted to finish the process as soon as possible. The speed in which they managed to introduce this law is truly irable. In the first week of November, the Chamber of Deputies Committee approved the Provisional Measure 846…
…which was then ed by the full Chamber and the Senate in back-to-back session within two weeks!
However, not every process ends in Brazil and this can be perceived as a peculiar case. In fact, more expensive gambling expansion options are stuck in the mud in the legislative bodies for years. There are several reasons for the sluggish processes some of which are:
- Stakeholder squabbles
- Strong religious opposition
- Corruption scandals that plague the country
Now:
With a recent green light, the Ministry of Finance will have two years to come up with sports betting regulations. This will be crucial for the way sports wagering will work in this country but the initial two-year period can be extended for another two years.
According to the PM 846, the newly-introduced form of wagering will be “in a competitive environment” and Alexandre Manoel, secretary of the Ministry of Finance’s department of Fiscal Monitoring, Energy and Lottery commented that particular age at Online Gaming Summit that took place in Sao Paulo.
He said: “[The age] should be understood as a necessary initiative to complete the range of business in the lottery sector in Brazil, and not as a step to legalize gaming activities that are currently prohibited in the country.”
Drawing Parallels
Craze regarding sports betting is all over the Americas with most of the markets opening up. While Brazil will now focus on regulating the market, in the USA, every state has the right to decide whether or not they will launch sports betting.
Brazil may be a large country with a lot of potential, but by 2030, the United States are expected to collect $8 billion in revenue. Of course, not all USA states will offer sports wagering to its residents.
Source:
“Brazil’s president signs sports betting legislation into law”, Steven Stradbrooke, calvinayre.com, December 13, 2018.
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Finally, but knowing our government and the corrupt system we live in they will find the way to mess things up and take their share of the earnings.