'Confidence' and 'patience' were the key words at the 2016 Brasilian Gaming Congress

More than 250 businessmen, legislators, executives and representatives from casino operators congregated yesterday at 9 a.m. at the Windsor Plaza in Brasilia to share regulatory and policy best practices with the law-makers now deciding on the shape of legislation ahead of a possible legalization in the country.

'Confidence' was one of the most repeated words during the first day of the event. Public officials who keynoted the conferences stated that “it looks as if Brazil will finally pass its gambling law”. However, they asked for patience in this matter, since legislative processes can often be slow. “Approving gambling regulation in a conservative market does not occur overnight,” they said.

Reflecting on the magnitude of the Brazilian market, Magno Jose Santos de Souza, President, Legal Gaming Institute, shared some astonishing figures. Legal gambling in Brazil amounts to USD 4B per year (Caixa Económica Federal Lottery: USD 3.850M; State Lottery: USD 111M; Turf: USD 86M)

On the other hand, illegal gambling generates USD 3,4B from lotteries through the Jogo do Bicho; USD 370M from bingos; USD 1B from slot machines (with a total of 220,000 slot machiness across the country) and USD 875M from online betting.

The Brazilian market could be worth USD 9,7B, should gambling become legal in the country. Analysts predict that the number could even increase and reach USD 16,8B. In addition to this, legalizing all forms of gambling would pay the state USD 5B in taxes.

At the moment, there are two projects that could be enacted: HB 186/2014, which has been approved in the Senate and has moved to the plenary; and HB 442/1991, a measure that brings together previous projects and that will be formally introduced in the coming days.

“Passage of this law will boost our tourism and help us attract international investors, hence benefiting our economy,” noted Herculano Passos, Deputy - President of the Tourism Commission.

Commenting on the reasons to legalize gambling in the South American country, he said: “Those arguing that legalized gambling will lead to negative outcomes such as money laundering and problem gambling ignore that gambling already exists. It's out there, unregulated, and generating billions of dollars without paying taxes.”

According to Jan Jones, VP Government Relations & Corp.Responsibility at Ceasars Entertainment, “Brazil is facing a tremendous opportunity to regulate its gambling industry, since it can build on the successful examples set by other countries.”

Find out more about the Brasilian Gaming Congress.