The Brazilian sports betting and online casino market expects revenue to exceed R$100 billion in the next three years. This revenue will be driven mainly by tourism.
This is a projection by Fhoresp (Federation of Hotels, Bars and Restaurants of the State of São Paulo) and IDT-Cema (Institute of Development, Tourism, Culture, Sport and Environment).
500 new hotel launches in 2024 alone
The recently approved regulatory change could boost more than 500 new hotel developments in 2024 alone.
Therefore, it is estimated that these businesses, including hotels, theme parks and food establishments, will function as new points for sports betting.
In return, they will receive a portion of the revenue from companies in the sector, which can vary between 1% and 15%.
With projected revenue between 2024 and 2026 reaching R$100 billion, tax collection of around R$12 billion is expected.
The law, recently sanctioned by President Luiz Inácio Lula da Silva, establishes a 12% tax rate on the online betting market.
Therefore, the expectation of Fhoresp and IDT-Cema is that part of these taxes will be channeled to strengthen the promotion of tourism in the country, possibly directing 28% of the R$ 12 billion collected to the Ministry of Tourism.
Several sectors could benefit from the impact of the online betting and casino market
This economic boost is not just restricted to the accommodation and food sectors. Music, art, infrastructure, transport, commerce and services will benefit, increasing expectations of significant job creation in several sectors.
Authorization for the exploration of tourism linked to the betting market is considered the starting point for the hotel sector, bars and restaurants.
Bruno Omori, director of Hospitality and Gaming at Fhoresp, highlights that bill 441/91, which encompasses authorization for physical casinos, could be voted on in Brasília this year.
If approved, an investment of up to US$70 billion is expected in Brazil. This would directly benefit the real estate, construction, decoration and technology sectors.
Therefore, the complete regulation of the gambling sector in Brazil tends to boost the Brazilian economy.
Thus, there will be several opportunities in different sectors and the country will take an important step towards expanding the entertainment and tourism market.
