Brazil is in a group of 20 countries with the world's most robust economy that has a population of more than 212 million (2020) and. It is the only non-Muslim country and the gambling industry is legalized and tightly regulated in the 5th largest country in the world.
Brazilians have always enjoyed gambling entertainment in a variety of forms including lottery games such as Jogo do Bicho, animal games that were established for more than 120 years. In addition, bingo, dog racing, and horse racing organizations are growing here, making the gambling entertainment industry more attractive than ever.
At the end of World War II gambling was officially legal in Brazil. Later when the Social Democrats took power, led by President Eurico Gaspar Dutra, new rules were introduced to prevent all forms of gambling, except lotteries and horse racing.
Since 1941, through the Anti-Crime Act, all illegal sports betting has been outlawed, including casino gambling, sports betting, and betting on any game of chances. Other forms of sports betting are monopolies to the state CAIXA.
In the 1990s, video slot machines gradually became popular. It is estimated that there are almost 100,000 video slot machines spread over 1,000 legitimate bingo establishments in Brazil.
Although the online gambling law was passed in 1946, no casinos on any Brazilian betting website have been established, but Brazilians still have the right to gamble on overseas-based online casinos.
Jair Bolsonaro - The current Brazilian President has publicly commented on his desire to adopt the same gambling regulations as Canada and the United States, to allow all states in Brazil to establish their own laws and regulations related to gambling.
Before deciding to introduce a bet tax of 3%, the Brazilian government proposed a 1% tax rate. Additionally, large betting establishments pay a 6% sales tax.
More than 60% of Brazilians enjoy sports betting, which offers endless potential for sports betting organizations. Brazil is considered one of the largest potential sports betting markets worldwide as it alone generates about R $ 20 billion annually.
Horse racing is one of the most popular forms of betting in major cities in Brazil. About bingo organizations, they were allowed to operate to raise funds, but the ruling was quickly dismissed after the bingo became a target for illegal activities.
In Brazil, the online gambling industry is estimated to be worth over $ 265 million and continues to thrive.
The prohibition of debit and credit cards for gambling purposes is well documented and also adopted by UKGC for both online betting and casinos in Brazil. Because of this, online casinos often offer other payment methods such as e-wallets. In particular, Boleto Bancario - a popular electronic payment method in Brazil to transfer money to e-wallets without a credit card.
The plus for Boleto is that it has no credit limit for online gamblers, but transactions usually take 3 days for funds to be in the account. The other reason Boleto became reputable was that it provided a secure payment network, and only legitimate institutions supported Boleto.