Brazil is planning to legalise all verticals over time, or so Brazilian Deputy Bacelar says. An abrupt push for legalising all gambling activities would give the country a way to generate additional revenue.
Crypto gambling brands, who have long had their hands in the Brazilian market, while operating with caution, will be pensive as they see how the fiat market relaxation plays out.
Established crypto casinos will have an opportunity, though, to extend their products across poker, casino, and sports betting verticals, assuming the legalisation bid ends in success.
Bacelar, who oversees the Mixed Parliamentary Front, which in turn oversees the approval of a national Gambling Regulatory Framework, has said that focusing on resorts wouldn’t drive the best results for Brazil.
Instead, he will focus on pushing for a blanket-legislation which will allow overseas and innovative operators, crypto gaming houses included, to unfold their full potential and operate in a regulated and fair market.
Fairness is doubly important for crypto gaming venues. Blockchain casinos want to know that their operations are hedged against abrupt changes in legislation. With Brazil’s gaming industry expected to reach $10 billion in value and $1.8 billion remitted in taxes, the country has good reason to try and regulate its market.
Bacelar has been more optimistic, arguing that the $10 billion was just a rough initial estimate. He was convinced that the industry can drive and generate profits for operators, as well as bring a pretty penny to the state’s coffers.
He further explained that overreliance on the land-based sector wouldn’t be entirely wise as that would mean inviting North American hospitality brands. These would likely be only interested in developing around megapolises, instead of giving every brand and all parts of the country an equal share of the market value.
The region has seen a surge in interest from gambling companies, with SBC organizing the first LatAm digital event.