• Mon. Sep 25th, 2023

Brazil’s Vice President Gives Nod To Sports Betting Regulations While Playtech Talks

Posting date: July 12, 20,23, 06h49.

Last updated: July 12, 2023 at 01:28h
It’s been more than a year since the Brazilian Chamber of Deputies voted to approve the Gaming Regulatory Framework, established by Bill No. The Senate is yet to debate the bill, 2234. However, it might be close to resuming its legislative trek, as the initiative reportedly received the approval of Brazilian Vice President Geraldo Alckmin.

Brazil’s VP Geraldo Alckmin in a political address. According to reports, he has acknowledged his support for regulated sports gambling in the country. (Image:

Brazil's VP Geraldo Alckmin
Agencia Brasil)News about the treatment of the provisional measure on the regulation of betting in Parliament is elusive, but continues to trickle in. Brazilian media reports that Alckmin met with Mor Weizer, the CEO of Playtech in his office to discuss the state of the betting market. Alckmin’s support for gambling and betting regulation was reported in the Brazilian media. Perhaps this will be the jolt the Senate needs to push the issue along.

Brazil Sports Betting Bill Languishes

Playtech is seeking to position itself in the emerging markets of Latin America. The publicly-traded company provides technology for casinos in Las Vegas and Macau, and holds licenses in Argentina, Peru, Mexico, and elsewhere.

Local media reported that the meeting took place on Tuesday, July 4, and was organized by federal representative Felipe Carreras. After the meeting, he told CNN

that Alckmin “was in favor” of legislation.

Brazil has all the ingredients to become the second-largest market in the entire world. The investments in each complex of casinos in integrated resorts is more than US$1 billion,” asserted Brazilian federal deputy Carreras.Playtech’s reach extends across all facets of gambling, from casino games to social games, and from lotteries to sports betting. The meeting was likely not convened solely to discuss the sports betting legislation. Playtech’s agenda is clear, with discussions about possibly expanding the casino and lotteries markets. With discussions about possibly expanding the casino and lotteries markets, Playtech’s agenda is clear.

[Playtech believes]Counting Down the DaysBrazil’s delay in approving sports betting legislation can be partially blamed on former President Jair Bolsonaro, who intentionally stalled discussions and convinced certain Senators to align themselves with him.

Bolsonaro, who recently received an eight-year ban from politics for illegal meddling, lost the presidential elections. Bolsonaro was banned from politics for eight years due to illegal meddling, but this did not stop him. The new government in Brazil has made it easier to revive the legislation. They are now trying to speed up the process. Jose Manssur has been heavily involved with the establishment of the framework and sees a regulated marketplace coming soon. According to his estimates, Brazil’s betting market will have regulations in place as early as July 17.

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