Brazil’s Online Gambling Reforms Still Pending
The 2014 World Cup is coming to Brazil where fans are getting excited about the tournament. Brazil has won the golden cup of soccer five times, so there is a noise in the air about this happening again. Brazil is reported by many as having a good chance of being one of the favorites for the championship. That is why Brazilians think that nothing could be better.
Some think that the government will reform the laws in Brazil before the big event arrives. Back in 2009, the Brazilian Senate was considering passing a law based on the United States law on the Illegal Internet Gambling Act in order to modify the current gambling laws in Brazil. The law copied the model from the United States and would put pressure on the country’s financial companies to prevent them from processing transactions on online gambling websites . That law has yet to see the light of day and time is running out until the 2014 World Cup arrives.
If the Game were legalized in Brazil, it could generate up to 300 thousand jobs and 10 billion taxes for the government per year, say some supporters of this liberal legislation. At present the only fully regulated forms of play are betting on horse racing, lottery, and Bingo. Sports betting is also available with the state operator, CAIXA.
Regardless of all this, foreign online casino game operators continue to offer their services to customers in Brazil. Many are happy to be able to process Brazilian transactions and others allow popular local payment methods like the electronic wallet and the “BoletoBancário”. Many offer Portuguese language versions of their websites with content designed to reach and appeal to Brazilian consumers.
It has been estimated that the unregulated portion of Brazil’s gambling market may be around $ 5 billion. In fact, in 2010 alone, it is estimated that Brazilians spent a total of 4 billion dollars playing on the internet.
Thanks to the peak betting expected in 2014 in the World Cup in online games in Brazil. Companies like Bwin, Betson, 888, Poker Stars, and Sporting Bet already have a strong presence in Brazil.