Brazil Gambling Legislation: They Should Hurry The Bill

Brazil is getting closer to the legalization of its gambling industry. This year the congress is going to debate the bills about the Brazil Gambling legislation. According to the Gambling News. Deputy Felipe Carreras was the person who decided to push this bill, which is going to debate the regulation of sports betting, animal games, video bingo, casinos, bingo, and online sports betting. If you are interested in gambling but you live in Brazil, then you should check out the online sportsbook sites in Brazil. The ones featured on our list are completely legal. If you prefer retail casinos, then we collected the Top 5 best casinos in Brazil. Without further ado, let’s check out the Brazil gambling legislation details. 

The Current Gambling Regulations

Gambling isn’t illegal in Brazil. The Brazil gambling legislation more so debates the regulative actions for gambling and the distribution of licenses for operators. There are many shared opinions all across the internet about what the government should do. Mainly, they shouldn’t restrict foreign gambling licenses. Because it has served a huge income and job opportunities for the Brazilian government and the Brazilian citizen. For example, you can bet on Big Brother Brazil on any licensed online sportsbook at the moment. But if they restrict the licenses, many online gambling operators might decide to pull their business out of Brazil.

Caixa Wants to Regulate all Forms of Gambling

The largest casino operator in Brazil, Caixa Econômica Federal, threw in the suggestion. That they should become the ultimate regulatory body for both online and land-based gambling. They seek to monitor the transactions of Brazilian gambling, therefore they wouldn’t be an ultimate regulator of law, rather they would be in charge of the payment processing.

They seek to participate in the gambling government, as in the given time, most of the gambling facilities in Brazil have no solid regulative bodies. Most of them are regulated by governmental bodies such as the Ministry of Economy.

Competitive Environment – Brazil’s Gambling Legislation

According to the Gambling News, the Brazil gambling legislation seeks to bring a new definition for sports betting in Brazil. Because it will be conducted in a competitive environment, however, it would be restricted and limited to one operator per federal district or one million inhabitants. The goal of Carreras is to overwrite the PL 442/91. Which was previously used to argue against gambling activities. With this bill. Gambling might be fully legal and decentralized, however, to receive freedom within the industry. They need to limit the operators. This means that gambling operators might start to do business as they are going to compete for the territories unless the government seeks to distribute them.

The Complications With the Brazil Gambling Legislation

According to the IGB, the Brazilian government treats gambling facilities much like they treat banks. This means that the Brazil gambling legislation might come with harsh requirements for operators to be allowed to open gambling possibilities. One of which is a capital share of BRL100bn (£14.46bn/€17.37bn/$19.38bn). This amount of share requirements is ridiculously high, and major operators might not be able to afford it, or it won’t be worth it. The opinion voiced on IGB might indicate that this requirement should be wiped. Instead, they should introduce an open licensing. Which worked perfectly for banks and airlines. Therefore, the Brazil gambling legislation should allow a limited amount of shares to which the operators could bid against each other on. Whether they will change this model or not is unknown.

They Should Hurry the Brazil Gambling Legislation

IGB states that time is of the scene. Because soon the 2022 Presidential Election in Brazil will begin. And if Congress is not perfect and finishes the bill, then President Bolsonaro won’t have the time to review the bill, and they will have to delay the Brazil gambling legislation again.

This would be unfortunate for foreign operators. Because in 2020 gambling generated a revenue of BRL12.5bn. This is something that the government and the operators shouldn’t fall away from. Because gambling taxes are a main source of revenue for governments all across the world. Therefore, the government should seek to license as many gambling operators as they could, to create jobs and generate revenue.

The Distribution Of Licenses to Tperators

According to The Law Reviews, the summary of license distribution between operations would be the following. There are 46 gambling operators for a 46 million population area. This means that each facilities will have one million players. Furthermore, the opinions shared in this article are coming from gambling lawyer. Neil Montgomery who represents Brazil among the IMGL.

Therefore, professionals are debating whether the distribution of licenses for online and remote casinos. Is a good move from the government or not. Cerrar seeks to make a fair motion to legalize the distribution of the licenses fairly. Rewarding quality gambling with 25 years of license. The current Brazilian gambling legislation has many unknown aspects, but the goal here is to pass the bill as fast as possible.

Online Gambling in Brazil

If you are looking for the best gambling site in Brazil, then you should visit Everygame Sportsbook. They have top-quality sports betting and they are available all across Brazil. Furthermore, they are offering a 100% bonus up to €100. What do you think? Will Brazil have a gambling regime? Will gambling become fully legal by the time we reach 2023? With the recent Brazil gambling legislation. Brazil gambling facilities might meet the early prosperity that comes with the gold rush of gambling legislation.

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