Senator Irajá Believes Brazil’s IRs Can Raise Up to $ 7.5bn

The wind of change is blowing over Brazil as the trend aimed at the legalization of gambling is getting more and more backed up by voices using the revenue argument. 

During an interview for Brazil’s important outlet for economy, finance, and business, Valor Econômico, senator Irajá Silvestre Filho said the country could record revenue of R$40 billion ($7.5 billion) from integrated resorts alone. 

The Revenue, “Something Fabulous for the Country”

The senator, who is the rapporteur of the bill that would legalize casinos, bingos, and jogo do bicho, explained that the projected revenue would be “something fabulous for the country.”

He added that both the Ministries of Finance and Sports were excited to give the green light to the project. 

The Ministry of Finance led by Fernando Haddad appears to be “one of the biggest enthusiasts” of the legislation that would finally legalize gaming. 

While the Finance Ministry never advocates for the gambling project put in the open, Irajá claimed that, in private, “Haddad says he is in favor” as he understands “it is good for the country.”

The parliamentarian also thinks the tourism sector would benefit from double the number of visitors within the following eight years after the legislation would go into effect.

Tourism Minister Celso Sabino was also pointed out by Irajá for being “one of the great supporters” of the bill that will be subject to a vote on June 12 in the Senate’s Constitution and Justice Committee.

Irajá described the Tourism Minister as “very excited and confident” in the approval of the project, adding they were “betting heavily” that the country would benefit from integrated resorts “as a major anchor for global tourism.”

The plenary deliberation is expected to take place before July 18, the date of the parliamentary recess, 

Next, the text that has already been approved by the House of Representatives will be sent for presidential sanction. 

Sabino has already met with global investors who expressed interest in building resorts with casinos in different regions within the country.

The minister added the release of integrated resorts would enable “national tourism to experience a different reality, a new moment, with many more tourists traveling around the country, generating thousands of new jobs and billions of reais in investments.”  

License Distribution 

On the topic of licenses being connected to the population of Brazil’s states and municipalities, Irajá explained the limitation in the text was a method of seeing the bill move forward. 

Each state would be allowed to have one casino, with a few exceptions. 

Namely, São Paulo might have three casinos while Rio de Janeiro, Minas Gerais, Amazonas, and Pará would have up to two casinos. 

For bingo halls, the rule would be one for every 150,000 citizens. For jogo do bicho lotteries, projections speak about one point for every 700,000 inhabitants. 

Senator Carlos Viana, who is also the Evangelical Parliamentary Front’s president, reinforced the idea that the caucus will keep opposing the bill. 

Last month, Thomas Carvalhaes, GR8 Tech’s senior business development manager issued a warning concerning the potential negative effects of overregulating the iGaming and betting market in Brazil.