Brazilian officials consider introducing a new package of law, which is to relax the restrictions imposed on the gambling market. The local media JD1 Notícias published the results of a recently conducted public opinion research, which showed that the majority of the Brazilian residents support the regulation of the industry. This opens a great perspective in front of the Latin American country, as it can craft the best gambling law by extracting knowledge from the most successful regulated markets around the globe. Introducing an adequate and effective legal framework, on the other hand, will lead to economic benefits for the country.
Data Research Analysis
According to a research, conducted by Paraná Pesquisas, 45.7% of the Brazilian citizens gave their support to the regulation of casinos. The research also showed that most of the people, who supported the legalization of the gambling operations throughout the country are working and well-educated men. Moreover, men seem to be more supportive to the opening of land-based casinos than to the establishing of bingo halls.
The data also showed that mostly women and unemployed people did not welcome the idea. Analysts explained that the reason for this trend is that the opposing group of people are not among the regular players and hence they have no interest in regulating the market. Nevertheless, the supporting group seems to slightly prevail over the opposition, which is 45.3% of the voters.
Potential for Casino Development in Brazil
Speaking of the potential development of the gambling industry in Brazil, it should be noted that the country is in a very favorable position to regulate its market, being the 5th largest country in the world in terms of population. As aforementioned, many countries around the globe already opened their markets, introducing successful and effective regulations. Hence, Brazil can learn from these countries and pick up the best aspects, implementing them in its own gambling law.
Regulating the market also means that the country is to generate higher revenues and boost its economy, projecting an income of $5 million. This, on the other hand, will tap the leakage of money to the currently flourishing illicit gambling business. A regulated gambling market will also protect the players’ interests and rights, saving them from any possible frauds.
Another positive aspect is that the unemployment rate is expected to drop as more job opportunities will be created. It is also worth to mention that the gambling market has the potential also to attract more foreign visitors in the country and contribute to the further development of the tourism industry.
Brazil seems to follow the blueprints of its Latin American predecessors, facing the opportunity to regulate its gambling market. The initiative of regulating the market is triggered by a number of economic, financial and social benefits. It is yet to become clear if the country will regulate the market, but if so, legislators should be mindful in crafting the gambling law.