Brazil Approves Draft Legislation Aimed At Legalizing Sports Betting
Brazil has taken a big step forward in what could lead to the legalization of fixed odds sports betting. Brazil has the fifth largest population in the world and is seen as potentially one of the most lucrative markets for online gambling.
Monday saw the approval of draft legislation 671-2015 which was approved by the Senate, The legislation also known as “MP Football” is aimed at generating funds which will be used to assist football clubs. The legislation is set to create two new lotteries which will be made up of instant win scratch games that features the branding of the Brazilian football team and a traditional fixed-odds betting scheme.
The current legislation has been pushed by the Senate as they are concerned to see remote companies offering online betting services which at the moment Brazil has no way of combating. Having passed the Senate the legislation now has to be approved by President Dilma Rousseff. The exact details of the proposed legislation are not known but speculation is that Brazil will probably allow foreign operators the chance to apply for licenses. Currently only lotteries, horseracing and live poker tournaments are legal in Brazil. However economic problems associated with the high cost of the 2014 FIFA World Cup as well as the upcoming 2016 Summer Olympic Games have resulted in politicians being open to gambling revenues.