Brazil is moving toward regulated sports betting and a possibly larger casino market
Last Tuesday, the CEO of Playtech, Mor Weizer, sat down with Brazil’s Vice President, Geraldo Alckmin, in a meeting facilitated by member of parliament Felipe Carreras. Carreras is a prominent figure in the government, with a focus on gambling and sports regulation, and the meeting reportedly led to greater optimism that Brazil’s gambling industry is going to improve sooner, not later.
Per the representative of the federal government during a conversation with CNN, Playtech, which provides software for sports betting, lotteries and casinos, has expressed its endorsement of the Brazilian gambling legislation. It highlighted that such a shift in the country’s legal framework has the potential to attract substantial investments in the billions of dollars.
As Brazil prepares to move forward with the launch of regulated sports betting, it has received a nod from Alckmin. He embraces the initiative, and shared his thoughts with Playtech, although he emphasized that he’s not going to push legislators to make a decision before they’re ready.
The bill governing the gambling sector in Brazil has received approval from the Chamber of Deputies; nonetheless, it is currently being reviewed by the Federal Senate. Although there is no specific timeline for the plan’s voting, industry experts anticipate advancements in the latter half of this year.
The Ministry of Finance has spent the last six months drafting regulations for the sports betting market and expects to have them ready before the end of the month. Once in place, legislators will likely turn their attention to active bills that seek to authorize new casinos and online gaming in the country.
