Brazil has long been the sleeping giant of the Latin American gaming industry. Home to a population of 200 million people and with gambling – both the few legal options currently available and the large black market – already enjoying notable popularity, experts believe it will become the largest country for land-based and online betting on the continent once fully legalized.
With Brazil on the cusp of regulation – President Lula da Silva received earlier this year the decree for sports betting regulation and is expected to sign it imminently – Marzia Turrini, Executive Vice President for Europe and South America at BMM Testlabs, shares insights on what to expect from this nascent market going forward and the role the company is ready to play there once regulated gambling becomes a reality.
In your expert opinion, have there been any recent legal developments toward allowing casinos to open in Brazil? What is the current state of the country’s gaming industry, and how was it affected by the recent pandemic?
The federal government in Brazil has recently announced the finalization of its sports betting regulation. The industry seems very confident that this important milestone represents the beginning of the process leading to the legalization of gaming and gambling in Brazil.
We cannot speak about Brazil as a gaming industry without proper legalization. The region must be legalized and gaming regulations must be enforced for Brazil to be referred to as having a gaming industry. It is evident that the potential of a regulated Brazilian gaming market is huge, given current grey market figures.
The pandemic was a global phenomenon, and Brazil was impacted greatly, as were many countries. However, while emerging from COVID-19, the opportunity to grow the economy is driving the Brazilian government toward formal gaming regulations.
How do Brazil’s regulations on gaming and gambling compare to other South and Latin American countries?
From country to country, we can expect differences in taxation levels, business and individual licensing requirements, and sometimes in product technical standards reflecting unique features in a country, but generally there is more in common than differences from other established jurisdictions.
The Brazilian authorities will count on the support of foreign regulators worldwide, and will leverage their expertise and capabilities. For standard games and systems, there is no reason to reinvent the wheel.
Are there indications of support for the legalization of gambling among the Brazilian people?
Gambling and betting are already very popular among the Brazilian people, however, they are illegal with some exceptions in the state-run lottery field. There are popular and long-established gambling options available, for example, Jogo do Bicho. And recently BMM Testlabs has assisted with irregularities in the sports betting field.
The implementation of standardized gaming regulations will provide security, confidence, and protection to the public and the industry. Other critical benefits include control of minor players, enforcement of measures to control gambling addiction, control of money laundering, and more. Not to mention the generation of tax income, which can become a game changer to Brazil’s economy. So there are many indications as to why Brazilians will support the legalization of gaming and gambling.
BMM exists as a business with the purpose to protect the public and the industry globally. We are ready to support Brazil’s regulated journey in gaming.
Original article: https://www.yogonet.com/international/news/2023/06/12/67503–34bmm-is-ready-to-support-brazils-regulated-journey-in-gaming-34
