Brazil Moves Toward Legalizing Gambling to Raise Revenue and Combat Illegal Betting
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In 1946, Brazil banned all games of chance, shutting down casinos, betting shops, and bingo halls. President Lula recently issued a decree to regulate sports betting sites, a first step toward allowing gambling again.
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The main goal is to raise government revenue. Sports betting could bring in $6 billion annually. Lula wants to eliminate the budget deficit by 2024.
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A bill to fully legalize gambling has support from legislative leaders and most of the government. Illegal gambling in Brazil is bigger than the drug trade.
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Legalized gambling could spur crime, money laundering, and addiction. But regulation could mitigate negatives and allow treatment spending.
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Advocates say legalization is a win-win - curbing criminality through regulation while enriching government. Countries like the U.S. and Thailand are also liberalizing gambling.