Brazil Look to Gambling Tax to Perk Up Economy

It's no secret that Brazil is in the midst of its most severe economic downturn since the Great Depression and it would appear that legislators are giving very serious consideration to overturning the countries 70 year ban on gambling in order to raise potential billions in tax.

Sources, including the Financial Times, have suggested that legalisation could happen as early as this year. Henrique Alves, Brazil’s minister of tourism, has projected that legalized gambling could generate up to 20 billion reais ($6.1 billion) annually in tax revenue. Brazil’s Legal Gaming Institute estimates that Brazilians place about the same amount of money in illegal bets each year, according to the Financial Times

Poker is already legal in Brazil as it is deemed a game of skill rather than pure gambling, the same also being the case for horse-betting - they also have a lottery. However, it's casinos that Brazil will really be looking to push, with many of the world's top operators already keen to stake their claim for a piece of the action which would bring not only taxes to boost the economy's coffers, but also much needed investment.

The legislators have yet to propose a clear way forward with regards regulation and preferred partners, but with billions of potential tax dollars at stake many commentators feel it won't be too far away.

 

 

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