[h=2]Lawmakers Eyeing $6 Billion A Year In Tax Revenue[/h]
With a gambling market worth an estimated $17 billion, Brazil is expected to legalize gambling as early as this year, according to a report from The Financial Times.
Casino-style gambling has been banned for the past 70 years. Should the government approve casinos from foreign operators, it would be “one of the most significant events in gaming history,” according to bookmaker William Hill, which does business in the United State and the United Kingdom. It’s unclear if Brazil would go with just brick-and-mortar gambling, or also approve online gaming in the same legislation.
Early next year might be the more likely legalization date.
“By the time the Brazilian market opens there will be a line out the door,” a Sao Paulo-based gaming lawyer told Retuers last year about the attractiveness of the country to developers.
Brazil reportedly is of great interest to many of the top gambling firms in the world, including Nevada-based giant MGM Resorts International.
Under Brazilian law, poker and horse betting are allowed because of their skill components. The country also allows the lottery. Major live poker tournaments do take place in the country, but they must be held in so-called poker associations.
Last year, Brazil banned playing online poker on mobile devices in public areas. Online poker isn’t regulated in the country, but playing the games in the privacy of your own home is OK.
Lawmakers are still trying to sort out how to regulate legalized gambling and rules regarding ownership and partnerships.
Brazil thinks casinos could generate roughly $5.9 billion a year in taxes, if there was a 30-percent rate. The casino consideration comes amidst one of the worst economic periods in a couple of decades.
With a gambling market worth an estimated $17 billion, Brazil is expected to legalize gambling as early as this year, according to a report from The Financial Times.
Casino-style gambling has been banned for the past 70 years. Should the government approve casinos from foreign operators, it would be “one of the most significant events in gaming history,” according to bookmaker William Hill, which does business in the United State and the United Kingdom. It’s unclear if Brazil would go with just brick-and-mortar gambling, or also approve online gaming in the same legislation.
Early next year might be the more likely legalization date.
“By the time the Brazilian market opens there will be a line out the door,” a Sao Paulo-based gaming lawyer told Retuers last year about the attractiveness of the country to developers.
Brazil reportedly is of great interest to many of the top gambling firms in the world, including Nevada-based giant MGM Resorts International.
Under Brazilian law, poker and horse betting are allowed because of their skill components. The country also allows the lottery. Major live poker tournaments do take place in the country, but they must be held in so-called poker associations.
Last year, Brazil banned playing online poker on mobile devices in public areas. Online poker isn’t regulated in the country, but playing the games in the privacy of your own home is OK.
Lawmakers are still trying to sort out how to regulate legalized gambling and rules regarding ownership and partnerships.
Brazil thinks casinos could generate roughly $5.9 billion a year in taxes, if there was a 30-percent rate. The casino consideration comes amidst one of the worst economic periods in a couple of decades.
