The provisional measure establishes the Declaration of Rights of Economic Freedom. According to the Executive Branch, the text aims to recover the economy, guarantee investments in education and technology, enable privatization and solve concrete issues of legal security. The initial term for appreciation of the text by the National Congress and conversion into law should occur until September 10 of this year.
André Gelfi, a managing partner of Suaposta.com.br, says that the imminent change in turf legislation should be the cornerstone in the revitalization of betting activity promoted by jockey clubs. "It will be a timely encouragement, since the legalization of sports betting in December represented more competition in the sector, where turf was until then only under the" threat "of international online operators," he said.
The amendment to article 14 of the Turf Law (Law No. 7,291 of December 19, 1984), which, if approved, will become effective with the following changes:
"Promoters of horse races with betting operations may be authorized by the Ministry of Economy to run sweepstakes and other lottery modalities, whether or not linked to horse racing results, satisfying the requirements stipulated by the Special Secretariat of the Federal Revenue for Draw Plans."
Thus, the Brazilian horse racing sector can recover from the blow suffered in the past with the approval of MP 481 that has withdrawn from the jockey clubs the right already consecrated to run other modalities of lotteries. If approved, this amendment to Law 881 will provide legal certainty for jockey clubs to run bets on recorded races, which will allow clubs to increase betting offerings without generating new costs, with a corresponding increase in prizes and number of races.
The approval of this PM will save the national horse racing activity (now almost bankrupt) and will ensure the continuity of the work of all owners and breeders of racing horses, as well as all professionals of the Brazilian turf sector.
Source: GMB
