The Brazilian sports betting market has become one of the most profitable in the world, as it has a population that is predominantly passionate about football and betting games. But the lack of regulation of the activity in the country does not allow the Federal Government to enjoy the various benefits that the sector provides.
Law 13,756/18, which regulates the sports betting market in the country, was shelved this year by the government of Jair Bolsonaro, as the president feared losing support from the evangelical class during the election period by endorsing the measure.
Now, with the 2022 World Cup approaching, the country has lost a great chance to collect from fees and taxes generated by the activity. It is estimated that the regulation could generate around R$ 3 billion in Brazil a year, in addition to R$ 2 billion in the sale of operating licenses.
The law to regulate the sector was approved in 2018 – during Michel Temer’s government – and would have to be implemented by December 2020. The deadline was extended until December this year, and if it doesn’t, it will leave the market in legal limbo.
In addition, a major problem is the lack of supervision, something that also facilitates new bookmakers to operate freely in the country, which can generate problems with irresponsible gambling and lack of care with customers and users, in addition to facilitating fraud and generating legal uncertainty. Therefore, all Brazilians should look for reliable and recognized bookmakers in the market.
The World Cup can generate more than BRL 20 billion in bets in the country, but due to the government’s inertia in relation to the regulation of the sport, a part of this amount will not be taxed, nor will it generate funds for the Union’s funds.
At the moment, the fate of this immense market is in the hands of the future government. While no steps are taken, Brazilian bettors make their guesses and have fun with the hundreds of online bookmakers that offer their products and services in the country.
