The South American nation of Brazil is on the verge of a possible major shift in its stance on gaming. In the coming weeks, the lower house of Parliament will decide on a piece of legislation that could usher in a system of controlled gambling.
This development comes as the Latin American region shows a growing acceptance of legalized betting, with Brazil positioned to become a dominant force. The proposed measure would establish a structure for authorizing, managing, and levying taxes on gaming activities, potentially opening the door for casinos to commence operations as soon as 2018.
There’s considerable political will driving the bill, with a majority of the lower house’s representatives, including the nation’s leader, Michel Temer, expressing their backing. Large hospitality companies are already setting their sights on the potential profits, indicating a desire to integrate casinos into their properties.
Nevertheless, the bill must still gain approval from the Senate before it can be enacted.
Should it pass, this legislation would reshape Brazil, a country of more than 200 million inhabitants, into a global gaming force. At present, the unregulated gambling sector flourishes, generating an estimated $6.4 billion each year. Legalization has the potential to channel these funds into government revenue, creating a profitable new income source.
