Lula bans fixed-odds sports betting a week before Brazilian elections
Summary
Brazilian President Luiz Inácio Lula da Silva has signed an order banning fixed-odds sports betting, aiming to reduce family debts linked to gambling. The ban takes effect immediately but needs approval from Brazil’s Congress within 120 days to stay in place.Key Facts
- The ban stops offering, operating, and advertising fixed-odds sports betting.
- Betting platform users cannot make new deposits and have until October 5 to withdraw their money.
- Lula criticized the betting industry for causing addiction and financial harm to families.
- The ban follows growing public concern and increased betting during the recent FIFA World Cup.
- Gambling is illegal in Brazil, but online betting was allowed starting in 2018.
- Lula’s government plans criminal penalties related to fixed-odds betting, including promoting it and misusing personal data.
- The government blocked over 2,000 illegal betting websites linked to criminal groups earlier this year.
- The betting market in Brazil is valued at over $4 billion per year, and some football clubs warned sponsorships might end if the ban continues.
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