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[BUSINESS] · Brazil · 41 sources

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Brazil bans fixed-odds betting, sparking legal battles FAST-MOVING

President Luiz Inácio Lula da Silva has signed a provisional measure (MP 1.394) banning fixed-odds betting, including sports betting and online casinos, across Brazil. The measure mandates that authorized companies cease operations within 30 days, with a deadline of October 5 for users to withdraw funds and October 6 for websites to go offline.

The ban has triggered immediate economic and legal repercussions. The Central Bank has ordered financial institutions to stop processing betting transactions, and a reported 10% drop in Pix transactions occurred shortly after the announcement. Authorities have also requested the blocking of over 5,200 illegal websites.

Brazilian football clubs, including Flamengo and Palmeiras, are challenging the measure in the Supreme Federal Court (STF), citing massive potential losses in sponsorship revenue. While some clubs have threatened to paralyze the national championship, others, like Palmeiras, are adopting a more cautious approach by seeking new commercial partners. Industry associations have also petitioned the STF to suspend the ban, arguing it is abrupt and undermines previous regulatory investments.

Entities

Brazil · Brazilian Government · Brazilian federal government · Central Bank of Brazil · Flamengo · Luiz Inácio Lula da Silva · Ministry of Finance · Palmeiras · Supreme Federal Court

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A MP das bets e os limites da canetada [www.congressoemfoco.com.br]
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