Better days are ahead of the Brazilian gambling industry, since the first and the most important step for sports betting to be legislated has been taken. The country’s President signed the sports betting legislation into law. The aim is to give more power at the local bookmakers and that may be understood by the fact that the international bookies were left out of the legislation. According to the legislation, there will be a focus on a revised distribution regarding the national lottery, but there will also be a language authorizing for online and land-based sports betting.
Mr Temer is going to be the President for 3 more weeks and at the ceremony for the signing of the new legislation was accompanied by the ministers of sports, culture, public security and human rights. All the above departments will have a say in this new situation. Now it is up to the Ministry of Finance to craft the sports betting regulations and the regulated environment in which the operators will have to make their move. This should be concluded within the next two years, although this may be extended in two more years.