-
Casinos for you
Brazil Looks to Fast Track Casino Resorts Bill
By Shane Addinall Sep 01, 2021 LegalityRecent developments in the Brazilian government are pointing to a positive change in licensed gambling. After 70 years of restrictions, the country could soon develop 26 land-based casinos and look to regulate online gambling.Brazil is oftentimes referred to as the “sleeping giant” in gambling circles due to its untapped potential. Despite all forms of gambling effectively being off-limits since the 1940s, the country’s history shows that 1920s and 1930s Rio was one of the hottest gambling centres of its day.
Under the current legislation, the only legal gambling allowed in Brazil is betting on horseracing which is considered a game of skill and playing the national lottery, both of which are wholly state-owned and operated.
The one market which has managed to avoid major regulation in Brazil is poker. Seen as a game of skill, poker tournaments and events such as WSOP Circuit Brazil and the Latin American Poker Tour have been hosted countrywide with the only restrictions being on cash games which are seen as illegal.
The Times Are Changing
However, a recent decision by the Executive Committee of Brazil’s Federal Senate to appoint senator Veneziano Vital do Rego, a pro-casino and gambling personality in local government is proof that things are about to change.
With more than 200 million residents who continue to display a healthy appetite for all forms of gambling despite nearly 70 years of restrictions the recently submitted casino bill aims to inject 26 casino resorts into the Brazilian market.
The aim of the bill is to allow one licensed casino resort development per each of the country’s 26 states. These resorts will have to offer several forms of entertainment and accommodation as the casino floor may only be 10% of the total resort floor space.
The casino bill also outlines specific requirements relating to the operators safer gambling responsibilities, anti-money laundering requirements, and a Know Your Customer protocol for deposits or withdrawals of more than $1850 per day.
The State of Online Gambling
While it is illegal to run an online casino operation from within Brazil and it is technically illegal to gamble at a non-state run casino online gambling continues to be a decriminalised activity.
This has meant that while Brazil misses out on the licensing fees and taxes it could collect from online gambling companies’ offshore casinos are doing a thriving business with local gamblers.
Industry pundits expect the land-based casino bill to evolve very swiftly to include provisions for licensed online gambling as Brazil has all the earmarks of a leading iGaming market. It has a population of more than 200 million, high-speed internet penetration exceeds 75% and it has a proven appetite for Online Slots, online betting, and online poker.
The most imminent update could be that of online sports betting which is expected to be regulated within 2021. Current projections estimate that the Brazilian betting market will be worth $1 billion by the end of 2025.
You might also like