Last updated on December 22nd, 2023 at 10:48 am
The Brazilian Chamber of Deputies approved a vital bill that regulates fixed-odd sports wagering. The bill had been in the legislative process for several months due to opposition from the Evangelical Parliamentary Front. Thus, the sports betting market in Brazil is taking a step closer to its launch.
With this historic ruling, Brazil has taken a giant leap toward its goal of regulating and legalizing internet gambling. According to gambling reports, the Senate revised the measure’s content, which was brought back for further review after being adopted by the Chamber of Deputies in September.
The Senate has reinstated its own bill which excludes the legalization of online casinos. This happened after the Chamber accepted it. The online gaming and betting industry’s advancement will bring in major revenue for the government.
Sports Betting Market in Brazil
According to gambling software experts, there were several difficulties in approving the law. Evangelical MPs opposed the gaming bill due to moral reasons, citing gambling’s dangers as grounds for rejection.
Speaker Arthur Lira and the bill’s supporters refuted these claims by pointing out that gaming exists in Brazil but is currently unlicensed. They contended that legalization and regulation might better control the sector, shielding customers from abuse and stopping money laundering.
The Senate approved the plan, and evangelical lawmakers had some successes, besides the Chamber’s September approval, Lira noted. Further delaying the vote, he stated, would not effectively address the issue of internet gambling. Instead, it would allow it to flourish in an unregulated market, where fraud and addiction are prevalent.
After its evaluation, the Chamber of Deputies will forward the measure to President Lula da Silva of Brazil for his signature. According to sportsbook pay per head solution reports, the measure would set up a thorough regulatory framework for Brazil’s online gaming business if approved into law.
