Brazil Sports Betting Launch Pushed Back Until 2021

• The coronavirus pandemic has caused a delay in sports betting regulations being passed.
• Sports betting has the potential to earn $3.7 billion a year in taxable revenue for Brazil.

BRASILIA, Brazil – Due to the ongoing COVID-19 (coronavirus) pandemic, sports betting will not launch in Brazil until 2021.

Sports betting in Brazil has faced a number of problems in 2020. Although the activity itself is approved by law, sportsbooks cannot launch in the country yet. Gaming regulators in Brazil still need to approve the official sports betting rules for sportsbooks to launch.

Brazil sports betting rules were delayed due to disagreements about the number of licenses that should be granted. Although it was delayed, the rules were supposed to pass in 2020.

However, a 2020 launch for Brazil sports betting is now extremely unlikely. Right now, the Brazilian government is focused on relief efforts for the ongoing coronavirus pandemic. Dealing with the pandemic takes priority over agreeing to sports betting regulations. Due to that, the launch of sports betting in Brazil is delayed until 2021.

By then, the coronavirus pandemic should hopefully have passed.

Sports Betting Profits Are Coming To Brazil

The federal government in Brazil is clearly interested in legalizing sports betting. After all, taxes from gaming will help fund education, social security, and more. Sports betting will undoubtedly help fuel that. The federal government is expected that Brazilian sports betting will bring in $3.7 billion in taxable money to fuel these services.

The reason for the high number is due to the fact that sports bettors in the country are already partaking in it in an unregulated setting. There are people interested in bringing sports betting to the regulated sector so the federal government can profit off of sports betting.

“In my opinion, it is time the government legalized gambling to strengthen the economy, generate employment, and fight against poor labor conditions, the illegal market, and money laundering. It is worth noting that before the pandemic, Brazil’s unemployment toll was 12 million,” said Magnho Jose, president of the Brazilian Institute for Legal Gaming.

Jose continues to explain that bringing sports betting and other forms of gambling to regulation would help problem gamblers in the country. With regulation, people who have these issues could more openly seek treatment for problem gaming.

News tags: Brazil | Brazilian Institute for Legal Gaming | Coronavirus | COVID-19 | Magnho Jose