Brazil president Bolsonaro approves sports betting privatisation. Sports betting in Brazil will be privatized by the government after President Jair Bolsonaro signed the proposed decree by the Ministry of Economy into law.
The sports betting sector will become part of the Investment Partnership Program (PPI) portfolio in the country, according to the proposal. The plan for the privatization of the country’s sports betting industry came as a step to partly counter the negative effects of the violent spread of coronavirus on Brazil ‘s economy.
Official economic statistics from the country showed that during the first quarter of the year, the economy shrank by 1.5 per cent, prompting steps to boost businesses and generate growth.
One such measure is the PPI program aimed at creating additional jobs, which in June, added to its portfolio of BRL37 billion sports betting.
According to the new law, sports betting will be launched as public lottery service under the name “fixed-odds betting” and its addition into the PPI program will help attract investment from the private sector. The process of privatization will be overseen by the National Bank for Economic and Social Development (BNDES) and the Ministry of Economy.
[image: Sergio Souza]