The Subcommittee for the Regulation of Electronic Sports Betting, proposed and reported by Deputy Marcus Vinícius de Almeida (PP), held a public hearing this Wednesday, invited by the president of the Brazilian Institute of Legal Gaming (IJL), Magno José Santos de Sousa. The purpose of the meeting was to discuss the context of the new betting market in the country and assess the potential revenue that can be generated.
Opportunities with regulation
During the hearing, Magno José explained that the expectation is that the electronic sports betting sector will move around 150 billion reais in Brazil. In addition, he stressed that regulation will bring legal certainty to the market, highlighting the importance of abandoning the current model of dispersed authorizations and adopting a legalized and regulated approach. According to the president of the IJL, the legalization of the sector will allow for more efficient collection, protection of citizens and the creation of public policies aimed at gamblers.
Boosting the economy and creating jobs
Marcus Vinícius, in turn, emphasized the economic opportunities arising from the regularization of the betting market. The deputy compared the revenue potential of this sector to the effort made in the past to attract vehicle assemblers to Rio Grande do Sul. He stressed the importance of anticipating the necessary movements to attract the iGaming sector, noting that this could result in investments, job creation and new opportunities for the state. The parliamentarian emphasized the need for state legislation to follow advances in the Chamber of Deputies, in order to support the sector and protect gamblers.
Next steps for the Subcommittee
The Subcommittee plans to hold two more public hearings in August and then submit its final report to the Legislative Assembly’s Economics Committee. Marcus Vinícius highlighted that the report will propose state legislation that offers competitive incentives for iGaming companies to establish their headquarters and operations in Rio Grande do Sul. He highlighted the importance of differentiating itself from other hubs, such as São Paulo and Minas Gerais, and emphasized that demonstrating the state’s potential and guaranteeing legal security for the sector is the way to boost job creation.
With the ongoing debate on the regulation of electronic sports betting, the State will be able to open doors to a prosperous market, increase its collection and offer opportunities for the local economy. The definition of clear and sector-friendly legislation is essential to ensure the sustainable growth of this emerging industry, as well as the protection of gamblers and the strengthening of legal certainty.
