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Brazil President Rousseff is dealing with impeachment as her country falls into economic despair, but gambling could arrive at her rescue.
Brazil is once again mulling gambling legalization, lawmakers in the cash-strapped country into the midst of economic devastation scrambling to find ways to fund the government without putting additional tariffs on citizens.
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 gambling enterprises and enable gambling enterprises to commence operations online.
Gambling enterprises are banned in the national country since 1946.
Illegal gambling in Brazil is estimated become a nearly $5 billion yearly industry, and legislators affirm tapping into that market is necessary 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 online casinos appears to be described as 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 thinking the venues become nothing more than utilities from criminal syndicates to meet and exch