Brazilian Gaming Industry Has a Huge Potential

Brazil edges closer to finally regulating gambling in the country.

Magno José de Sousa Santos, the President of the Brazilian Institute of Gaming, has recently stated the regulated gaming industry in this country could generate a yearly revenue of $18.8 billion and raise the annual taxes by around $8.6 billion.

Speaking at the first edition of the Gramado Forum of Tourism Studies, Magno noted that it was the first time since 1946 the government had been this close to giving gaming the green light.

Awaiting the Green Light

It is expected the new bill will be presented to the Chamber of Deputies by the end of the year. The current gaming law would allow a wider casino offer, which would include other types of gaming as well.

Magno pointed out the state did not win with the ban and added the country generated almost $20 billion in illegal gaming a year.

He stated that 71% of the World Trade Organization member states allowed gaming, and stressed it was time to overcome that prejudice. According to him, almost 700,000 jobs could be generated by the gaming industry in different segments in the country.

The Proposal is Gaining Support

The co-founder of tour operator CVC (Brasil Operadora e Agencia de Viagens S.A) and founder of GJP Hotels and Resorts, Guilherme Paulus has also expressed his support for the new proposal.

Paulus said that gaming would broaden the entertainment offered in hotels and other leisure complexes, and added that it was not about opening a casino in every corner but doing a good job.

The new gaming legislation was rejected a little over a month ago after the Senate and the House Committee on Constitution, Justice, and Citizenship claimed the bill could encourage criminal activities such as money laundering, and lead to an increase in the number of problem gamblers.

The good news is the proposal is becoming more and more popular in the country’s Chamber of Deputies. According to available information, the President of Brazil’s Chamber of Deputies Deputy Rodrigo Maia is one of the supporters of the new bill, along with The Ministry of Tourism and The Brazilian Tourist Board (EMBRATUR).