Latin America has been drawing attention as a region where gambling may be an undoubtedly profitable industry. There are more and more discussions about how to adopt gambling friendly regulations and open the market to operators and developers from around the world.
Brazil is emerging as a country where legislators seem to have recognised the importance and usefulness of a regulated gambling environment. Currently, gambling in Brazil is not considered to be legal. However, for almost a quarter of a century now lawmakers in the country have been trying to legalise some forms of gambling. Further, they are working on establishing gambling law and regulatory framework so the ban would be eliminated entirely.
Both chambers of Brazil’s bicameral legislative association (the National Congress) have been discussing legislative proposals that would help legalise various forms of gambling, such as sports betting and online betting within the borders of the country.
Brazil has been described as the “sleeping giant” because of its high potential of becoming one of the biggest regulated markets in the world. However, despite of gambling being illegal, the country is already big on it. According to Brazilian Legal Gaming Institute reports, gambling generates almost R$20 billion every year.
If all the chambers of the National Congress in Brazil pass the PLS 186/2014, the bill will create the regulatory framework for the operation, taxation, and regulation of gambling in Brazil. Further, such framework would also enable responsible bodies to combat corruption and money laundering.
If the proposed bill is passed, Brazil could become the biggest regulated gambling field in the world.