MEDIA ALERT: New legal framework in Brazil hopes to provide a series of regulations to govern the rollout of Daily Fantasy Games and provisions applicable to the Electronic Games industry, says Rei do Pitaco
SAN FRANCISCO, Aug. 9, 2023 /PRNewswire/ -- Brazil is in the process of approving a legal framework that will recognize the possibility to roll out daily fantasy sports across the country.
WHO: The approval of the legal framework for games has the support of parliamentarians such as Senator Efraim Filho and Senator Irajá Filho.
WHAT: Responsible for $66 million in revenue for Brazil last year, this sector is expected to grow by 120% by 2026 and, if Bill 2796 /2021, by the National Congress - is approved and DFS becomes a regulated sector, this growth estimator is likely to be reached.
The framework for these regulations will mirror what is already in place for DFS in the United States. The intention behind the regulations is to go beyond defining norms for the provision of entertainment services linked to fantasy games but to also establish guidelines for the manufacturing, import, commercialization, and development of electronic games, with the aim of promoting economic and social growth in the country.
WHEN: The Bill is in the final stage of analysis by the Plenary of the Brazilian Senate, having already passed in the House of Representatives and in the Committee on Merit in the Senate, in accordance with the regimental rites. Once approved in a Plenary session in the Senate, the project will proceed to presidential sanction.
WHERE: More information is available via https://reidopitaco.com.br/
SOURCE Rei do Pitaco
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