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Brazil gives way to online gambling

Brazil gives way to online gambling

The long road of Brazil to regulatory services of online gambling has received additional impetus in the approval of the 16 amendments to Bill 186, which aims to update the rules and requirements for the gaming industry. According to it, sports betting, lotteries and casinos are allowed in the country, but the industry is regulated by the state.

Brazil gives way to online gambling

Composed by a special committee in 2015, Bill 186 seeks to implement radical changes in the gambling business in Brazil, with the description of the licensing process for online betting and other gambling services of land-based casinos, such as casino games, slots and video lottery terminals.

In 2015, the leading Brazilian politicians agreed that the government could no longer afford to ignore the potential profits from the regulated industry, which would annually bring about $ 6 billion in taxes to the state budget. Furthermore, all political parties seem to agree that the current national laws on gambling are outdated and do not meet modern consumer requirements.

In July 2014, Senator Nogueira introduced a bill offering tax on all forms of gambling, which, according to many, could help Brazil during the financial crisis.

“According to some studies, the regulated market of gambling could bring the state at least R $ 15 billion (about $ 4.15 billion) a year,” – said Nogueira.

The need for the legalization of gambling has arisen in connection with disappointing economic indicators in Brazil this year.

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Casinos in Brazil are outside the law, but you can quite happily play the lottery and bet on horseracing. Poker is considered a kind of sports in the country. The Bill suggests building of 35 land-based casinos in Brazil. Every state would be allowed to have at least 1 casino but not more than 3.

Online casinos will pay 20% of tax on their gross revenues and land-based establishments only 10%. AGT, Intralot and Codere are the companies which are believed to apply for the licenses, although the Bill does not mention the number of licenses to be granted. International companies would have a chance to work in Brazil without the local partner, just with a local office.

But the Bill will not be implemented until August 5-12, the time of 2016 Olympic Games in Rio. And this can cause Brazil the millions failure in tax revenue. Only citizens of Nevada and Las Vegas will have a chance to bet legally on the Olympics after a legal overture by the state’s Gaming Control in March. The Olympics are the source of easy money, which will be spent somewhere else.

You may also like It’s high time to reform American Gambling Laws and A Brief Analysis of Eastern Europe’s Online Gambling.

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