Brazil contemplates new state-owned sports betting company

Brazil’s interim president is considering launching a state-run sports gambling company to generate much-needed funds for public spending.

According to a report in newspaper Folha de S.Paulo, Michel Temer’s administration wants to create a company that would offer online sports betting. The operator would then be privatised along with the Caixa Econômica Federal Bank's (Caixa) instantaneous lottery, raising around R$ 8 billion (€1.2 billion/$ 2.4 billion) for the Treasury.

The report added that Mansueto Almeida, the Secretary for Economic Affairs, has said that foreign companies are likely to partner with national investors to compete for the business.

Several bills that are already under consideration in Brazil’s Congress contemplate legalising all or some forms of gambling.

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