A new sports betting law was brought into existence this Wednesday as Brazilian president signed a bill and turned it into law.
The outgoing president Michael Temer is helping the sports betting industry of Brazil thrive before his term ends in the next three weeks. On Wednesday, he signed the Provisional Measure 846/2018, which seeks to revise the distribution of the proceeds of the national lottery. The bill is also important as it will authorize online and land-based fixed odd sports wagering in the country for the first time.
Temer was accompanied by the ministers of sports, public security, and human rights and minister of culture. All the departments will be getting a cut of the new gaming revenue of the government. Temer said that Wednesday was “a brilliant afternoon” for culture, sports, public safety as well as the Brazilian people.
The bill opens a world of possibilities for international gambling operators who will now get a more open Brazilian market to showcase their offerings. PM 846 was passing through the legislative structure in an unprecedentedly fast manner. It was approved in the first week of November by the Chamber of Deputies committee. Within two weeks, the full chamber and the Senate also passed the bill in back-to-back sessions, showing initiative from the lawmakers to finally bring sports wagering to the country.
Gambling expansion options in the country have struggled previously with religious opposition, quarrels between stakeholders and the corruption scandals in the country. The Brazilian ministry of finance now has two years to make sports betting regulations for the country. The time can be extended by another two years, which means that the regulations could be upcoming around 2022, if not earlier.
The PM846 suggests that betting will be operated in a competitive ecosystem, but the chances of the Brazilian market operating in a monopoly are higher as of now. Alexandre Manoel, secretary of the Department of Fiscal Monitoring, Energy, and Lottery under the Ministry of Finance, hinted towards the new law’s opportunities last week at the Online Gaming Summit Brazil in Sao Paulo. He said that the message of the law is to legalize gaming activities currently prohibited in the country but a “necessary imitative” to complete the lottery sector’s range.