Brazil Moves Forward On Legalizing Online Gambling

Published Friday, November 23, 2018 - Online-Casinos.com
Brazil Moves Forward On Legalizing Online Gambling

Brazil has finally coming to grips with the introduction of legalized online gambling with the recent approval by Brazil’s senate to authorize both online and land-based sports betting, attached to a bill related to the lottery. Only the newly elected President has to approve it before it becomes the law of the country The Nation is expecting the approval to be granted although no one is holding their collective breath. Both the Chamber and Senate have debated measures that would authorize a variety of new gambling options for a number of years without any real signs of moving forward on the issue.

Brazil’s senate voted in favor of the Provisional Measure 846/2018 which deals with the way lottery revenue is dispersed. The bill also gives the Ministry of Finance authority over regulation and licensing of land-based and online fixed-odds sports wagering in a “competitive environment.” The bill was also granted approval by the Chamber of Deputies with the Senate acting decisively to ratify the provisional measure.

The measure was supported by both the current Minister of Public Security and the incoming Minister of Justice. The move also promises to utilize funds garnered by the lottery and betting proceeds for public security. The Ministry of Finance has been given two years in which to develop the new sports betting regulations and issue licenses to operate. Eligibility and the number of gambling licenses has not been established yet. If sports betting and online betting gets the go ahead the Latin American wagering market will expand significantly.

Government owned monopoly lottery operator Loterias Casixa is the only digital option open to Brazilians since its launch in August this year. Owners of offline Lottery houses expressed concerns that the introduction of online lottery in Brazil would cause their revenue to fall once the idea catches on with the estimated 77 million plus smartphone users in Brazil.  

 

 

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