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[POLITICS] · Brazil · 100 sources

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Brazil President Lula bans online sports betting and virtual casinos FAST-MOVING

President Luiz Inácio Lula da Silva has signed a provisional measure to ban online sports betting and virtual casinos in Brazil, citing public health concerns and rising household debt. The measure, which takes immediate effect, prohibits new deposits into betting platforms and mandates that all betting websites and applications be taken offline by October 6.

To facilitate the transition, users have until 23:59 on October 5 to voluntarily withdraw their remaining balances. For those who do not withdraw by this deadline, the government has established a process where betting companies must report balances to financial institutions between October 7 and 8, with banks scheduled to return funds to users between October 9 and October 14. Caixa Econômica Federal may act as an intermediary if any issues arise.

The administration also plans to send a bill to Congress to criminalize the unauthorized operation and advertising of betting platforms, with proposed prison sentences of four to six years. This move comes nine days before Brazil's general elections, a period of intense political competition.

Simultaneously, the government announced the third phase of the Desenrola program, an expansion of a debt renegotiation initiative. This phase allows the Federal Government to purchase debt portfolios through auctions to assist families with overdue debts, specifically targeting credit card debts up to 10,000 reais.

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Alexandre Padilha · Brazil · Caixa Econômica Federal · Congresso Nacional · Darío Durigan · Flávio Bolsonaro · Government of Brazil · Luiz Inácio Lula da Silva · Palmeiras · Sportingbet

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