.2 billion industry?
Brazil’s Interim President Michel Temer has become champion-in-chief for online sports betting in the country. Brazilian newspaper Folha de Sao Paulo says Temer’s administration sees sports betting as one way to generate revenue in the midst of the country’s ongoing economic crisis. Brazil forecasts a $48 billion deficit in 2016, and is facing its worst economy in more than 20 years.
Temer, who took office after impeachment proceedings began against former President Dilma Rousseff, believes the country could generate over $1.2 billion from sports betting. Federal Senator Ciro Nogueira agrees, and has offered qualified support for legal gaming.
“Without getting into the ethical and moral discussion, we come to the conclusion that gambling exists, always have existed, and will always exist,” Nogueira said.
Though Brazil banned casinos nearly 70 years ago, it has an active lottery that was established in the 1780s. It also has a horse betting industry and allows major live tournaments to be held in poker associations.
But an estimated 8 million Brazilians regularly gamble offshore, a revenue stream that is currently untapped. Senator Fernando Bezerra Coelho has said new draft legislation on the issue should be ready by the end of August.
