Brazil expects revenue of Rs 3.4 mln due to online gambling regulations in 2024

Brazil’s finance ministry is expected to generate up to 3.4 billion rupees ($620 million) in revenue this year through online gambling regulations. This revenue forecast will depend on whether to approve an approval request received during the initial licensing phase, as stated by the finance ministry. Regis Dudena, head of the prize money and betting minister (SPA), told Estadang/Broadcast that not all companies may meet strict requirements to operate within Brazil.

Revenue forecasting and regulatory challenges:

The SPA has processed 113 requests for approval from various betting operators called “Betts” in Brazil. According to Games Magazine Brasil, the potential revenue of Rs 3.4 billion represents a cap that can be realized if all of these operators meet regulatory criteria and pay the required approval fees of Rs 30 million ($5.4 million) each. “We don’t know yet whether all operators will comply with all the rules (though not expected to be approved) and whether they will comply with this final grant requirement,” Dudena explained

SPA’s technical team has already conducted an initial review of the submitted documents and has asked some companies for additional information to comply with all operating regulations.

Amid concerns over the potential social impact of online gambling, the Justice Department is launching measures to encourage responsible gambling. Minister Dudena said, “Part of the task force announced by the Minister of Finance, for example, is to advance information in society about the nature of gambling. Even today, some of the people still do not understand that gambling is just entertainment. Gambling is not a way to make money, gambling is not a way to supplement income, gambling is not a way to become more socially interesting.”

The government plans to launch three major awareness campaigns. The first, scheduled for next month, will focus on promoting companies with the authority to run their businesses in Brazil. It will then work with the health ministry to conduct an extensive campaign to educate the public about the risks of debt and the health effects of gambling. In January 2025, intensive monitoring of online betting activities will begin by introducing a list of companies with final permission to operate in the third campaign. 슬롯사이트 순위

Historical context and future direction:

The move to regulate online gambling comes after the first law legalizing betting was approved in 2018. But previous governments did not regulate the sector, allowing it to grow without state oversight. Dudena, who took office in April after the bureau was established in January, points out that the sector has evolved without being left unattended during this time.

Currently, the SPA has issued 10 ordinances regulating the betting market, focusing on the process of approving and overseeing the operations of these companies. Dudena also stressed the need for strict enforcement of advertising regulations, especially with regard to the use of influencer on the internet, to ensure compliance and prevent irregular activities.