Brazil opens the gates as a new era in Online Gambling Regulation gets approved.
A ban dating back to the 1940s influences Brazil’s gambling scene. It has recently experienced an important change. The approval of Bill 3,626/2023 is an evidence of a shift from strict regulations. The transition from a complete ban to all-inclusive regulatory system mirrors changing public opinion and economic factors. Brazil’s sports betting regulation is changing due to the legalization of online gambling and sports betting. It does not only tackle outdated restrictions but also positions Brazil to generate significant tax revenue and support its economy.
For almost 80 years, Brazil stood against gambling. This started with a ban in 1946 during the time of President Eurico Gaspas Dutra. In an amazing manner, this did not stop illegal gambling, like Jogo do Bicho. The ban mostly affected local businesses. This gave an easy way to target Brazilian clients for international companies.
As time goes by, some of the rules have changed. Bingo became legal for fun in 1971, horse betting in 1984, and government lottery began in 1996. When online gambling came, the old rules in Brazil faced a big problem. The ban on Brazilian gambling created a wild market with no rules. People started to see the old rules were not good.
Because people started seeing betting differently, more people wanted a change as time goes by. They realized that Brazil had the potential to earn a good amount of money through the betting market. At last, the lawmakers decided that it was time for new rules. As a consequence, the change is not just about what people think. Apart from this, it is also about giving the nation’s economy a much-needed boost. The plan is to have sports betting rules that organize gambling and generate revenue for the country.
