Brazil Senate Approves Draft Legislation for the Licensed Sports Betting

The proposed draft legislation 671-2015, has been progressed by the Brazil’s senate. The legislation will see that fixed odds sports betting meet a regulatory requirement. Currently, the Brazilian gambling law permits players to gamble on land based casinos, lottery and horse racing events that are licensed.

 

Brazil is one of the potential market in Latin America for international online gambling, which has become very popular. However, the Government of Brazil has been very slow in implementing gambling laws to accommodate the changes in the industry.

 

Prior to the 2014 World cup, Senator Ciro Nogueira introduced the draft legislation, which emphasized on the need of following physical procedures by the operators seeking to join the Brazillian igaming market irrespective of their listed country of origin. This is the first draft of its kind to have a long and tedious process to meet its goal. On the other hand, other senators opposed stating that Brazil should instead focus on developing regulatory platform based on European style framework to regulate online casino games, poker and online sports betting.
From the media sources, it is evident that the draft legislation progressed because the Senate raised concerns about the popularity of online betting services being operated by remote companies. In addition to that, it came to the concern of the senate that Brazil lacked regulated provisions to curb illegal betting sites that targets the Brazilians.

 

After progressing in the senate, the draft legislation is now waiting for presidential approval. However, the full details of the betting framework and legislation is not yet known. Nonetheless, Brazil will probably begin to receive applications for licenses from foreign operators. As for now, nothing has been presented to the tax and licensing authority regarding charges on market entry.

 

Previous attempts to introduce online gambling and betting framework has drawn division of opinion on generating national policy.

This article is published in: Sports Betting
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