Horse Betting to be Legalized in Portugal
Horse racing in Portugal
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In the past, it was illegal to bet on horse races in Portugal, which limited the amount of money that could be made in the country through this industry. Horse racing is actually a larger draw for tourists than golf in Europe, which means that numerous businesses in the country will benefit from this new ruling. While the laws have not been finalized yet, the process has begun and we will see horse racing and betting legalized in the near future.
The key in this situation is Miguel Relvas, who is the minister that is in charge with this process. Ideally, Relvas will see the impact that this could have on the Portuguese economy and will move to legalize it very quickly. The benefits will be seen immediately, as remote betting sites can be set up all over the country. The country can also host races, which will draw in visitors from all over the world.
The Portuguese government is working on these laws to increase the number of reasons for tourists to visit. Currently, Portugal is well known for its sun and beaches, but tourists can find these things elsewhere. In giving visitors one additional thing to do on their holiday, the country is able to better compete with other countries in the region. For example, if a tourist who loves horse racing is attempting to choose between Spain and Portugal, he or she might choose Spain because racing is legal, despite the fact that it might cost more to visit.
One concern with tis law is that legalizing betting on horse racing can bring the legitimacy of the sport into question. This is because any time money is involved, you run the risk of races being fixed or outcomes being predetermined. As a result, the government has to take the proper steps to ensure that this does not happen.
The Portuguese League for Race Horse Breeders and Owners is a national group that is attempting to get betting legalized. This is because these individuals stand to make more money, since more people will be interested in the sport. Felgueiras Race Track, which is where many of these races currently take place, would be an ideal place to begin this type of racing.
Many also believe that this type of betting would open up new opportunities in rural development, since there would be a trickle down from those who own the horses. These individuals would probably expand their stables, which means that they would need to rent more land in rural areas. They would also have to pay for more food, which would lead to an increase in production in these areas.
As long as this process is handled the right way, there is unlimited room for growth within Portugal. The conditions within the country are the best in all of Europe, as the climate, pastures and soil are ideal for horse racing. These ideal conditions are what people look for when betting, since it allows the best horse to win, rather than the horse that runs the best in substandard conditions.
Ideally, these races would be held in two places in the country, which would add to the economic development in two regions. Having one track in the north and one in the south would spread the benefits out throughout the country. These two locations would be capable of handling all of the bets that come through on any given day and having enough seating for the crowds.
A final thing to consider is that betting on these races could occur away from the track. This is great news because money from all over the world could potentially come to the country. There is an unlimited amount of money to be made in this industry as long as it is set up the right way and has the proper infrastructure in place and Portugal is in a great position to secure this money.
In the end, this will be a great decision by the Portuguese government because of the economic impact that it will have. Bringing tourist money into the country is great for growth and is yet another way that the country can pull out of its current economic problems.
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Published in: News and Updates / Portuguese Life