Commencing Today: Brazilian Regulation Inches Forward at BgCPublished November 21, 2016 by Lee R
Government revenues and jobs are at stake.
The main stakeholders in Brazil convened last night in Sao Paulo for three days of today looking to resolve the regulation issues of Latin American’s largest economy once and for all.
Rolling Up Sleeves
Government officials, Brazilian foreign experts, and key representatives of the private sector will be seeking to bring regulation to a massive untapped gaming sector where the Instituto Jogo Legal estimates that about R$ 59 billion circulates annually.
Shifting the Lens
Organized by Clarion Events, the third edition of the Brazilian Gaming Congress (BgC) will continue through November 22 at the Tivoli Mofarrej in São Paulo (SP).
Themed "Magnifying Your Vision," the event’s dual goals consist of perfecting a regulation model that harnesses the large amount of activity that Brazilian players engage in underground or across borders as well as providing jobs and government tax revenues to an economy that is struggling to the public and private sector immensely.
Current Legislative Status
To assess the regulation model, examination of the legislative proceedings for the regulation of Internet gaming, bingo, casinos and lotteries in Brazil will take place: at this juncture, the Chamber of Deputies and the Senate are considering the federal initiatives embedded in the regulation model drafted within Proposed Laws 442/91 and 186/2014.
The BgC will prepare participants for the impending regulated market through provision of a detailed, evidence-based look at commercial characteristics of each aforementioned gaming segment, as well as updating all product specifications for the industry.
Organiser Clarion Approach
Clarion Events Brazil CEO Sergio Jardim further explained that "The focus of BgC is to...address the positive impact that the definition of a legal framework will provide, such as attracting investment to all regions, generating revenue through taxes and increased employment opportunities in Brazil.
Jardim further characterized the business sectors in Brazil as “high” in reaffirming the BgC commitment to raising the efficiency of the gaming discussion through eliminating prejudice and stereotype Brazilian officials typically raise when discussing gaming.
Jardim further pointed out that at this point a wealth of monitoring technologies exist and are being used to prevent money laundering and other illegal activities in existing gaming segments worldwide.
This has the chance to be the final hurdle for long-awaited and much needed Brazilian regulation.