Brazil to Legalize Online Sports Betting

Brazil edges close to legalizing sports betting.

Brazil is set to become the latest high-profile country to legalize sports betting, as well as few other forms of gambling, according to the latest reports.

Brazil remains one of the world’s largest countries that has yet to create a regulated gambling market, but that may not be the case for much longer seeing as the nation’s chiefs have decided to do something about it.

“MP Football” Bill Approved by the Senate

The Senate approved the 671/2015 bill, also known as MP Football, on Monday, with the main purpose of the legislation to help improve the finances of the country’s football clubs.

Under the terms of the new agreement, two new lotteries will be formed, where significant portion of the earnings will go towards helping football clubs combat with increasing expenses.

One of these games will be a classic scratch card game based around the national football team also known as Selecao, whereas the other is very much similar to fixed odds betting.

Brazil’s national bank, Caixa Economica Federal (CEF) has been tasked with overseeing this particular venture, with third-party operators also able to be awarded a concession.

Lotteries, Horse Racing and Live Poker are the only types of gambling currently legal in the country, but everything suggests that the new legal framework will also allow online gambling operators to enter the huge market.

Battling World Cup and Olympics Organising Costs

The country has seen several attempts to legalize gambling fail in the past, but it looks as though the growing costs of organizing the 2014 World Cup and 2016 Olympics have forced the government to alter their stance on the matter as this appears the only way to improve the finances.

President Dilma Rousseff is expected to okay the legislation in the coming weeks and finally get things into motion. The government plans to introduce hefty fines up to £40,000 for unlicensed operators and players accessing these kinds of websites.

This could be the first step towards transforming Brazil into one of the largest markets for online gambling, although there is clearly still a lot of work to do before the country can start accepting applications from world’s largest gaming companies.