Michel Temer - Fotos livres, com o crédito., Creative Commons Attribution 2.0 License

In yet another major development in South America, the continent’s largest country Brazil has formally passed a bill that paves the way for licensed sports betting across the country.

Last week, Brazil interim President Michel Temer, who is soon to be replaced with a new president next year, signed into law Provisional Measure No 846/2016 to legalize both land-based and online sports betting in the country and opening its market to international operators.

The signing ceremony was attended by the ministers of sports, culture, human rights, and public security. All these departments are expected to get a cut of the tax revenue derived from sports betting.

The legislation went through in “astonishingly swift fashion,” local media reported, after having been approved by the Chamber of Deputies in the first week of November. It then passed through the full chamber and the Senate within a couple of days.