{"id":140,"date":"2018-12-19T00:00:00","date_gmt":"2018-12-19T00:00:00","guid":{"rendered":"https:\/\/gbc.ng\/legalized-sports-betting-in-brazil-what-you-need-to-know\/"},"modified":"2018-12-19T00:00:00","modified_gmt":"2018-12-19T00:00:00","slug":"legalized-sports-betting-in-brazil-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/gbc.ng\/index.php\/legalized-sports-betting-in-brazil-what-you-need-to-know\/","title":{"rendered":"LEGALIZED SPORTS BETTING IN BRAZIL: WHAT YOU NEED TO KNOW"},"content":{"rendered":"

What are the main changes brought about by<\/strong>\u00a0Medida Provisoria<\/strong><\/em>\u00a0N\u00ba 846?<\/strong><\/p>\n

MP<\/em>\u00a0makes\u00a0Apostas de Quota Fixa<\/em>\u00a0(fixed odds bets), which are popularly known as sports wagers, legal in Brazil.<\/p>\n

When does it become effective?<\/strong><\/p>\n

MP\u2019s<\/em>\u00a0wording states that \u201c\u00a0the operation of fixed odds bets shall be authorized or granted by the Ministry of Finance<\/em>,\u201d which, in accordance with the law, shall also have a 2-year term (renewable for two more years) to issue its enforcement rules.<\/p>\n

Magnho Jos\u00e9 says the rules for\u00a0MP\u2019s<\/em>\u00a0application may take at least a year. \u201cWe are starting practically from scratch. The Ministry will have to create a whole structure in order to oversee this activity and to issue\u00a0MP\u2019s<\/em>\u00a0enforcement rules.<\/p>\n

Sources from the Ministry of Finance, on the other hand, have said that they are not currently able to state a specific date for these rules.<\/p>\n

What happens with foreign gambling sites that are currently taking bets in Brazil?<\/strong><\/p>\n

It is worth noting that those sites are currently able to operate in Brazil because they are not headquartered in the country. In this way, they are subject to the regulations of their respective nations of origin.<\/p>\n

Pedro Trengrouse believes the scenario will not change dramatically. \u201cOperators will continue with what they\u2019ve been doing so far. None of them will enter Brasil. This regulation will only help create cooperation bonds with Brazilian authorities for the monitoring of bets, awards\u2019 taxation and the granting of licenses for the legal development of their activities.<\/p>\n

However, Magnho Jos\u00e9 does expect companies will enter the country. \u201cIt is necessary to create rules under which foreign sites are forbidden from operating in Brazil, so as to encourage them to be based here instead of overseas.\u201d These, however, are mere speculations as only when the Ministry of Finance issues the enforcement regulations will we be able to know what is going to occur.\u201d<\/p>\n

What about other gambling modalities such as casinos, bingo halls and \u201c<\/strong>Jogo do Bicho<\/strong><\/em>\u201c?<\/strong><\/p>\n

All of them remain forbidden. Both the upper and lower chambers of Brazil\u2019s Congress have pending bills on these modalities.<\/p>\n

The proposed laws have already been discussed by different committees and now await the analysis by their respective whole Chambers. Experts believe both bills will be discussed soon.<\/p>\n

\u201cThis issue has been extensively debated during the last four years. The Legislative, Executive and Judicial branches can no longer avoid the subject. We must move forward, Magnho Jos\u00e9 said.<\/p>\n

\u201cThe Congress must vote in favor of legalized gambling. There is a parliamentary bloc of 260 lawmakers who support this decision,\u201d Trengrouse pointed out.<\/p>\n

What are the experts\u2019 opinions?<\/strong><\/p>\n

Both experts consulted believe that MP\u2019s approval is a step forward. But, according to them, the government is \u201cputting the cart before the horse.\u201d Nowadays, Brasil is being invaded by sites based in other countries. The regulation of this activity enables the collections of gambling proceeds, but in all the rest of the unregulated markets, sports \u00a0betting has been the last activity to be legalized.\u201d<\/p>\n

\u201cThis measure is only taken when a market is mature enough, and especially after the regulation of casinos and other gambling modalities. It is best to first regulate activities that are already been operated illegally, such as Jogo do Bicho,\u201d said Magnho Jos\u00e9.<\/p>\n

\u201cThe Congress and the Executive should be treating the subject with responsibility, without letting other modalities aside,\u201d Trengrouse assured.<\/p>\n

Trengrouse highlighted other problems related to the absence of gambling legalization in Brazil, such as the exploitation of gambling by organized crime, the lack of responsible gambling policies, and the fact that the government is not collecting taxes on these activities. If the whole gambling market were legal, the country would have raised 4.591 million dollars in taxes.<\/p>\n

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