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 into the midst of economic devastation scrambling to find ways to fund the government without putting additional tariffs on citizens.
The Brazilian Senate Commission for Regional Development and Tourism voted this week and only Bill 186 of 2014, legislation that would authorize up to 35 land-based gambling enterprises and permit gambling enterprises to commence operations online.
Gambling enterprises were banned in the 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 is required 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 Internet casinos seems to be described as 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 more than resources from criminal syndicates to meet and exchange monies.
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