Brazil's President Bans Sports Betting Days Ahead of Election

Brazil's President Bans Sports Betting Days Ahead of Election

Brazil’s President Luiz Inacio Lula da Silva on Friday banned sports betting sites, the biggest sponsors of the country’s football clubs  just days before a closely contested election in which he is seeking a fourth term.Gambling has surged in Brazil in recent years, pushing many people into debt. Opinion polls show strong public opposition to the industry, which Lula has described as a “cancer.”“It is no longer possible to deposit money into betting sites in the country,” Finance Minister Dario Durigan said while announcing the ban at an event alongside Lula in Sao Paulo.The measure is the latest in a series of steps taken by Lula ahead of the first-round vote on October 4. He is running neck-and-neck with right-wing Senator Flavio Bolsonaro in the polls.Brazil’s betting market expanded rapidly after a regulatory framework was put in place in 2023, accompanied by heavy advertising from influencers and sports stars. Thirteen of the country’s 20 top-division football clubs have an online betting company as their main shirt sponsor. High-profile players such as Neymar and Vinicius Junior have featured prominently in industry advertisements.According to a government statement, 85 licences have been issued, each costing 30 million reais (about $5.7 million). Those fees will not be refunded.Durigan said new advertising contracts for betting firms were banned immediately, while existing ones would become void after October 6. From that date, there will be “no site, no application and no legal sponsorship of bets in the country.”Users will be able to withdraw remaining funds until early October, after which platforms and apps are to be blocked. The provisional measure takes effect immediately but requires congressional approval within 120 days to remain in force.Senator Bolsonaro criticised the move as “populist, hypocritical and politically motivated.”    

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