Brazil is the largest country in Latin America, in terms of territory and in terms of population. In spite of their huge success in sports, sports betting and other types of gambling are banned in Brazil. 50 years ago a severe blow was struck upon the bookmakers and casinos. All operators were forced to stop their operations on the grounds of the biggest South American country. This conservative approach has had a huge impact on the Brazilian economy since a lot of casinos were closed, hotels were left empty and tourism went in a downward spiral.
As far as the legality of sports betting is concerned, including bricks and mortar sportsbooks and online bookmakers, sports betting is illegal. You can go in a land bookmaker shop in Brazil and bet on sports, since there aren’t any. But, if you’re currently located in Brazil you can bet on sports online. There are tons of online sportsbook operators who will gladly accept your bets. As long as there’s a demand for sports betting, there will be online sportsbooks which will fill in the gap with an adequate supply.
Brazilians are known as passionate sports fans, especially when it comes to football. It’s only but expected to assume that a huge chunk of the Brazilian population wants to bet on sports.
Online sports betting is the only option Brazilians have when it comes to betting on sports. As long as the Brazilian authorities don’t try to change something regarding the legislation, it will stay this way. By changing the laws regarding sports betting, the authorities can only benefit from all the tax revenue they’re going to collect. Other 1st world countries have seen the potential and have legalized the sports betting industry, both land and online. Unfortunately, Brazil is light years away from them.
In recent years, some officials have stepped forward and have started advocating for the legalization of sports betting and gambling. The benefits are profound. In fact, there are virtually no flaws we can point out that would be a result of the legalization of sports betting.
Regardless of the current legal status of sports betting, Brazilians are passionate about betting on football, MMA and volleyball. These are the sports in which they’ve had the biggest success so far. Another distinctive point to note is the popularity of Horse Racing. It may not be popular among the general public, but it’s very popular among people who are into betting.
The following is borderline illegal, but if the Brazilian government legalizes sports betting and gambling activities it will become strictly illegal. There’s no direct tax on sports betting winnings, since it’s prohibited. However, if you’re betting at an online sportsbook and you win, you can report your winnings as a profit. You will have to pay the personal income tax. In practice, it’s totally different. People rarely report their winnings to the tax authority. If the authorities decide to do something about it, their freedom might be in jeopardy.