Gaming

Opening of Brazil's Gambling Market Brings Lawyers Tons of Work

Friday 09 de February 2024 / 12:00

⏱ 1 min read

(Brasilia).- Work has “exploded” for lawyers who advise gambling companies and their suppliers since a sports betting law was enacted in December.

Opening of Brazil's Gambling Market Brings Lawyers Tons of Work

Brazil is betting big on gambling after nearly a century of restrictions, upping the ante for law firms to guide players in the sector on how to do business in one of the world’s largest and most complex economies.

President Luiz Inácio Lula da Silva signed a law in December that regulates fixed-odds betting in Brazil, where online wagers have flourished in a gray area since sports bets were legalized in 2018—undoing a prohibition in place since the 1940s.

The Bill PL3626/23 signed by the President, establishes the regulatory framework for Brazil to launch its federal sports betting marketplace.

Authorised by Lula on Saturday, December 30, the president’s endorsement completes the legislative process, steering clear of the 2022 impasse when former President Jair Bolsonaro withheld federal sign-off of sports betting.

Categoría:Gaming

Tags: Sin tags

País: Brazil

Región: South America

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