Brazil Might Become the Biggest Regulated Gambling Territory
Latin America has been in the limelight recently for attracting numerous gamblers from around the world. Gambling is undoubtedly a profitable industry in Latin America and this is making a lot of nations think about adopting gambling-friendly regulations as it would help open the market to global operators and developers.
Besides Mexico, Brazil has emerged as yet another nation from Latin America where legislators are quickly realizing the relevance and importance of a regulated gambling setup. As of now, the laws in Brazil do not consider gambling to be ‘legal. But for almost one-fourth of a century now, lawmakers in the country have been making efforts to legalize some forms of gambling. They also wish to establish gambling law as well as a regulatory framework as it would help eliminate the ban entirely.
The two chambers of Brazil’s bicameral legislative association (the National Congress) have been holding discussions regarding legislative proposals which would help legalize various types of gambling such as sports betting and online betting within the borders of the country.
Numerous publications have named Brazil the “sleeping giant” with regards to its tremendous potential of becoming one of the biggest regulated markets in the world. The country is already big on gambling. The Brazilian Legal Gaming Institute reports that nearly R$20 billion gets generated each year from all kinds of illegal gambling.
An altered version of the proposed gambling bill, PLS 186/2014, was discussed in 2016 and even got approval from the Special Committee for National Development. It was predicted that the legislative document might soon make it to the official Senate floor and get one final vote. Unfortunately, the predicted final vote failed to occur and this means that the gambling legalization debate might be renewed sometime this year.
All the chambers of the National Congress in Brazil need to pass the PLS 186/2014 for its various provisions to be effective under the law. Upon being passed, the bill will enable the creation of a proper regulatory framework that overlooks the operation, taxation, and regulation of gambling in Brazil. Further, this newly developed regulatory framework would also provide certain measures that prevent and combat corruption and money laundering.
The World Bank reported the population of Brazil to be 207.8 million in 2015. The country could become the biggest regulated gambling field in the world if the proposed bill is passed.