Brazil President Rousseff is facing impeachment as her country falls into economic despair, but gambling could arrived at her rescue.
Brazil is once again mulling gambling legalization, lawmakers in the cash-strapped country within the midst of economic devastation scrambling to find ways to invest in the government without putting extra tariffs on residents.
The Brazilian Senate Commission for Regional Development and Tourism voted this week in favor of Bill 186 of 2014, legislation that would authorize up to 35 land-based casinos and invite gambling enterprises to commence operations online.
Casinos are prohibited in the national country since 1946.
Illegal gambling in Brazil is estimated to be a nearly $5 billion industry that is annual and legislators affirm tapping into that market becomes necessary to offset a dismal monetary year for the country. Moody Investors Service recently downgraded Brazil to ‘Junk Status’ citing a rapidly deteriorating economy and ‘worsening governability.’
Legalizing gambling and online casinos seems to be considered 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 gambling that is associate corruption, many believing the venues to be nothing a lot more than resources from criminal syndicates to meet and exchange monies.