Brazil Elections Likely to Cause Delay in Gambling Launch
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The future of Brazil's gambling and sports betting markets is on hold due to the October elections. Two bills were fast-tracked to President Jair Bolsonaro, but he put them aside until the elections were over.
Bolsonaro won the election, but the government is still stuck in a political limbo regarding gambling legislation. The industry is unenthused and unsurprised by the delay. The terms of the two Bills stated that regulations must be established within a four-year period or else congress must restart the process. Andreas Bardun, CEO and Founder of KTO Group, believes the situation could be resolved if it leads to new legislation, which could have been avoided.
regulations must be established within a four-year period or else congress must restart the process.
Brazil has the fourth-largest democracy and the ninth-highest GDP. Lawmakers should focus on a Q1 launch next year, with time to satisfy all licensing and regulatory conditions. Brazil is undergoing a regulatory review of partnerships between sportsbooks, sports teams and media providers. The next government regime will also have to deal with this issue. The new president, vice president and national congress will be unveiled on October 30.
