The world of sports betting has been revolutionized in Brazil, as the government has legalized online sports betting, opening up 🫦 new opportunities for businesses and individuals alike. The landscape of sports betting in Brazil has evolved since the legalization of 🫦 the activity in 2024, and this article will explore the evolution of sports betting, the current market, and the potential 🫦 benefits and risks associated with this industry.
Background
In December 2024, Brazil's President, Luiz Incio Lula da Silva, signed a law that 🫦 legalized online sports betting in Brazil. This law, known as Lei 14.790/23, allowed private companies to operate sports betting online 🫦 and in physical establishments, such as casinos and betting houses. The law was enacted to regulate the sports betting market, 🫦 which had previously been dominated by illegal operators.