“Illegal betting in Brazil generates USD 9.7M annually”
According to a report from O Globo, illegal football betting is rapidly growing in the city of Rio de Janeiro. “Jogo do Bicho, the illegal lottery, started taking bets on Brasileirao games,” said the local newspaper.
Pedro Trengrouse, lawyer and professor at Getulio Vargas Foundation, pointed out that the state loses around USD 9.7M a year due to illegal land-based and online betting activities.
“In the absence of regulation, we see more online betting sites operating illegally and thus negatively impacting the country's economy,” the expert explained, adding that under this scenario, punters have no guarantee that they will receive the prize money.
Experts attribute the rapid expansion of Jogo do Bicho to the exponential growth of online betting.
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