Brazil's Vice President Endorses Sports Betting Regulations During Playtech Discussions
For over a year, the Gaming Regulatory Framework, established by Bill No. 2234 in Brazil's Chamber of Deputies, has been waiting for its turn in the Senate. However, it looks like it might be close to making its move since Brazil's Vice President Geraldo Alckmin has seemingly given it his approval.
Details about how this provisional measure related to betting is faring in Parliament are scarce, but nuggets of information continue to emerge. Alckmin reportedly had a get-together in his office with Playtech's CEO, Mor Weizer, to chat about the gambling market's growth potential.
The specifics of the meeting between the two haven't been made public knowledge. But one thing that did catch the public's attention is Alckmin's acknowledgment of his support for regulating gambling and betting. This might be the nudge the Senate needs to pick up the pace.
The Brazilian Sports Betting Bill's Long Wait
Playtech harbors ambitions for the emerging markets in Latin America. This publicly-traded company deals with casino technology for Las Vegas and Macau and holds licenses in Argentina, Peru, Mexico, and many other places.
Local media shared that the meeting with Alckmin took place on July 4 and was set up by federal representative Felipe Carreras, who's among the bill's supporters. He told CNN following the meeting that Alckmin had expressed his "approval" of the legislation.
Carreras believes that Brazil is on track to become the second-largest market in the world for gambling. He added that the investments for each integrated resort casino complex can reach over a billion US dollars.
It's clear from Playtech's perspective that Brazil is a lucrative market ripe for capitalization. Their portfolio includes casino games, social games, lotteries, and sports betting, so it's possible the meeting wasn't solely about the sports betting bill.
Alckmin holds many hats. Besides being Brazil's Vice President, he's also the Minister of Development, Industry, and Foreign Trade. This position gives him sway over the presence of foreign companies in the country. With talks about potentially expanding the casino and lotteries markets, Playtech has its sights set.
Keeping an Eye on the Calendar
Brazil's hesitance in approving sports betting legislation can be tied to former President Jair Bolsonaro, who deliberately tried to halt discussions and rallied certain Senators to align with him.
Bolsonaro, who recently received an 8-year ban from politics for illegal interference, lost the presidential elections. Regardless, he still made an attempt to stall the bill's advancement before he left office.
But with a new administration in place, the bill's resurrection is underway, and the government's trying to expedite the process. The Minister of Finance, José Manssur, has been instrumental in formulating the framework and hopes to have the regulations in place by July 17.
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Source: www.casino.org
