The legalization of gambling in Brazil – whether online or in casinos – represents an economic opportunity for the country, say experts in the field. According to Witoldo Hendrich Junior, founding partner of Hendrich Advogados, the legalization has the potential to generate jobs, especially indirect jobs, and that they would be created in various industries.
The evaluation was made during the Brazil in focus panel: can the legalization of gambling save Brazil from its financial crisis? The debate is part of the first day of SiGMA Americas, an event about IGaming. The market includes several types of online games, such as poker and soccer betting.
“It is another level of indirect employability. We need to produce chairs, tables, monitors, towels, napkins, forks, knifes, cups. It’s a multitude of things”, said Hendrich Junior.
With legalization, the gaming market can reach US$ 2 bi
Mark Thorne, iGaming specialist, says that Brazilians are very active in the casinos of neighboring countries. Therefore, the legalization can avoid that this money is spent only abroad, as says Hendrich Junior. “If only the money stops leaving the country we would have a financial gain from it”, said the partner of Hendrich Advogados.
About Brazil’s position on the current scenario, Thorne says the country is one of the most talked about emerging markets in the gaming sector. “(Brazil has) 211 million people and a considerable appetite for sports and gambling”, he said, recalling the progress of the regulatory debate in recent months.
Thorne also mentioned a KPMG study from 2017 that estimates that, one year after the regulation, the Brazilian gaming market will be worth around US$ 2 billion. The realization of the projection, however, depends on how the regulation will be made and which types of games will be included, evaluates Magnho José, president of the Legal GAming Brazilian Institute.
Data divides specialists
As an example of progress in the debate on the games law, Luiz Felipe Maia, founding partner of FYMSA Advogados, points out the creation of a committee in the government. In addition, he talks about the choice of the BNDES as the responsible entity for privatizing sports betting in the country. “We expect for next year to see the regulation ready and, probably, the licensing process as well”, evaluates Maia.
But the date of completion of the regulation and release of bets in the country divides the experts. Heindrich Junior believes that the companies will be already operating on the second half of 2021. On the other hand, Maia and José foresee the operation of a company in Brazil on the first half of 2022.
This is because it is still necessary for BNDES to make a study on the subject and for the regulation to be ready. In addition, it is necessary for companies to adapt to the rules and receive the green light from certification laboratories, which takes time.
IGaming is ZBX’s area of interest
Transfero Swiss, owner of BRZ, and ZBX Digital Assets Exchange have entered into a partnership that will allow Brazilians to create an account at ZBX and have access to the international banking and crypto system through BRZ. The IGaming market is one of ZBX’s areas of interest.
Click here to register at the exchange.