Brazil President Rousseff is facing impeachment as her country falls into economic despair, but gambling could arrived at her rescue.
Brazil is when again mulling gambling legalization, lawmakers into the cash-strapped country into the midst of economic devastation scrambling to find ways to fund the federal government without placing extra tariffs on residents.
The Brazilian Senate Commission for Regional Development and Tourism voted this week in support of Bill 186 of 2014, legislation that would authorize up to 35 land-based casinos and enable gambling enterprises to commence operations online.
Gambling enterprises were prohibited in the national country since 1946.
Illegal gambling in Brazil is estimated become a nearly $5 billion industry that is annual and legislators affirm tapping into that market is needed to offset a dismal financial year for the country. Moody Investors Service recently downgraded Brazil to ‘Junk Status’ citing an economy that is rapidly deteriorating ‘worsening governability.’
Legalizing gambling and Internet casinos seems to be a viable solution to make up at part that is least of the mounting budget deficit. Persuading residents to get behind gambling might be a more difficult task than in other countries.
Brazilians associate gambling with corruption, many believing the venues to be nothing significantly more than utilities from criminal syndicates to meet and exchang Continue reading