Economic woes have brought the Brazilian economy to the brink.
The Brazilian regulation process is now moving full bore ahead.
Fast Track
The largest country in South America is now moving towards regulation by fast-tracking gambling reforms through the legislature.
In hot pursuit of additional economic benefits available from online gambling revenues, the Senate Commission for Regional Development and Tourism circumvented potential months of legislation by ratifying Bill186/2014 last week to move the online gambling proposal to the country's House of Representative to legalize casino gambling for the first time since 1946.
In a country where off-shore casinos like Tivoli Casino, Dhoze Casino and Sun Palace Casino are already popular, the adapted regulatory framework would address regulation of online gambling as well as land-based activity. The online gambling opportunities are the motivator for legalizing gambling again in Brazil.
Delays Dissolving
A similar bill was approved by the House in July but ultimately vetoed by President Dilma Rouseff. However, Brazil's economic struggles are increasing, and the allure of added revenue may be too strong to pass up this point.
The fact is that this year the country has witnesses the worst economic growth in 25 years, causing the rather embarrassing reclassification of the massive country's economic investment grade to “Junk Status” by Moody’s Investment Services.
This has turned the economic inertia from a private concern into a public embarrassment, as well as an increasing deterrent to foreign investment.
At this point, Rouseff is rumored to have privately warmed to the idea of regulating gambling, with more and more Brazilian politicians acknowledging the outdated nature of current laws.
Much to Gain
With experts in the country prognosticating potential revenue uptakes of upwards of BRL15bn ($3.7 billion) in revenue, the Brazilian government looks to be fully bending its ear to the mission of reviving the economy through the updating of current laws to legalize online gambling and effectively regulate it.
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