Brazilian Politician and Businessman Emphasizes the Significant Economic Impact of Gambling in BrazilPublished April 17, 2023 by OCR Editor
In a recent report, a major Brazilian politician and businessman highlighted the crucial role of gambling in Brazil's economy. Recognizing its major economic importance, the person has drawn attention to the potential benefits that legalized gambling can bring to the country. This statement underscores the growing discourse surrounding the potential for regulated gambling to contribute positively to Brazil's economic landscape.
Member of the Brazilian Parliament João Carlos Bacelar has expressed his support for the newly proposed regulatory framework for the gaming sector in Brazil. Bacelar stated that the framework, which aims to allow the government to regulate, control, and collect revenue from the gambling industry, is a step in the right direction. However, he highlighted that more work is needed to fully unlock the economic potential of the gaming sector in Brazil.
In a recent press conference, Bacelar applauded the efforts towards regulating sports betting but noted that more is needed to meet the government's economic needs. He underlined the importance of including online games such as casinos, bingo, slot machines, and aviator in the regulatory framework to maximize tax revenues. Bacelar is also involved in the working group in the Chamber that is overseeing the regulatory process.
Bacelar further discussed two bills, 442/91 and 2234/22, which the Chamber and the Senate are considering to formalize the legislation. He suggested that these proposals must be revised to avoid limiting the potential of the betting sector in Brazil. Finally, Bacelar emphasized that Brazil needs to move away from prohibition and embrace a regulated approach to gambling, as clandestine activities only fuel illegal activities and hinder the establishment of clear rules.
As the discussions and reforms for the gaming sector in Brazil progress, Bacelar's support for a comprehensive regulatory framework underscores the importance of finding a balanced approach that considers the economic benefits while addressing concerns and ensuring responsible gambling rules.
High Revenue Potential
The gaming industry in Brazil has the potential to significantly contribute to the country's economy, accounting for up to 1 percent of the gross domestic product (GDP), which based on last year's figures, could amount to BRL 99 billion (US $19.47 billion).
This could generate substantial tax revenues, exceeding BRL 25 billion (US $4.92 billion) annually, while creating employment opportunities, attracting new investments, and providing access to grants. João Carlos Bacelar, a prominent Brazilian politician and businessman, has emphasized the need to adjust the project to include the operation of casinos in resorts and licenses for "jogo do bicho" and slot machines currently not part of the proposed legislation.
Bacelar further highlights that ignoring these segments could lead to a parallel market and criminal activities, similar to the prohibition era led by Al Capone. Recognizing gambling as an economic activity and addressing it as a social fact, Bacelar underscores the significance of regulating and legalizing the gaming industry in Brazil to meet the demands of society while curbing illegal activities. Bacelar has been instrumental in advocating for Bill number 442/91 as a key figure in the Liberal Party.