Brazil considers prohibiting sports betting
Brazilian President Lula da Silva asserts that gambling is leading to the nation’s financial decline. Read Full Article at RT.com.
TroibNews 
**President Lula da Silva Advocates for Measures to Prevent Gambling Addiction**
Brazilian President Lula da Silva has committed to banning online sports betting should recent regulations fail to address the country's growing “addiction” to gambling and its associated challenges.
Since the legalization of online sports betting in 2018, Brazil has witnessed a gambling boom, which has raised concerns about its impact on household incomes. Studies suggest that gambling can lead to significant debt and financial ruin for families. Additionally, this gambling craze is thought to contribute to reduced consumer spending, diverting much-needed funds away from the economy.
To combat the issue, the Brazilian government has proposed new regulations for online betting platforms. These rules mandate that foreign companies advertising in Brazil must obtain licenses, establish local offices and customer service channels for bettors, and implement measures to prevent money laundering. The regulations also include a ban on credit card betting, set to come into effect by the end of the year.
After casting his vote in municipal elections in Sao Paulo on Saturday, Lula remarked that he “won’t hesitate in putting an end to” online sports betting if the new regulations prove ineffective.
Although Lula reportedly does not favor a complete ban on online betting—contending that prohibitions rarely halt illegal activities—he believes it is unacceptable for low-income families, especially those receiving financial assistance through Brazil’s Bolsa Familia program, to be spending money on gambling.
“Everyone knows that the person going to buy bread in the morning will make a small bet using the bread money,” Lula stated. “But what I cannot allow is betting to turn into a disease, an addiction, and for people to become dependent on it, because I know people who lost their house and car.”
Last Thursday, Lula convened a cabinet meeting to consider whether to prohibit welfare recipients from participating in betting activities; however, no decisions have been reached yet.
Currently, nearly a quarter of Brazil's 215 million citizens are engaged in online betting across various platforms. This number has increased by 25 million this year alone, with an average of 3.5 million new users each month, according to an August opinion poll by the Locomotiva Institute.
The surge in gambling is often linked to the economic climate, as over half of respondents indicated that “making money” was their primary motivation for placing sports bets. The data also reveals that 45% of bettors have encountered “financial losses,” and 30% acknowledge that gambling has “damaged personal relationships.”
A study commissioned by a Brazilian retailers’ association found that 63% of users on online platforms have reported a decline in income, with 23% admitting they prefer to gamble rather than purchase clothing.
Frederick R Cook for TROIB News
Brazilian President Lula da Silva has committed to banning online sports betting should recent regulations fail to address the country's growing “addiction” to gambling and its associated challenges.
Since the legalization of online sports betting in 2018, Brazil has witnessed a gambling boom, which has raised concerns about its impact on household incomes. Studies suggest that gambling can lead to significant debt and financial ruin for families. Additionally, this gambling craze is thought to contribute to reduced consumer spending, diverting much-needed funds away from the economy.
To combat the issue, the Brazilian government has proposed new regulations for online betting platforms. These rules mandate that foreign companies advertising in Brazil must obtain licenses, establish local offices and customer service channels for bettors, and implement measures to prevent money laundering. The regulations also include a ban on credit card betting, set to come into effect by the end of the year.
After casting his vote in municipal elections in Sao Paulo on Saturday, Lula remarked that he “won’t hesitate in putting an end to” online sports betting if the new regulations prove ineffective.
Although Lula reportedly does not favor a complete ban on online betting—contending that prohibitions rarely halt illegal activities—he believes it is unacceptable for low-income families, especially those receiving financial assistance through Brazil’s Bolsa Familia program, to be spending money on gambling.
“Everyone knows that the person going to buy bread in the morning will make a small bet using the bread money,” Lula stated. “But what I cannot allow is betting to turn into a disease, an addiction, and for people to become dependent on it, because I know people who lost their house and car.”
Last Thursday, Lula convened a cabinet meeting to consider whether to prohibit welfare recipients from participating in betting activities; however, no decisions have been reached yet.
Currently, nearly a quarter of Brazil's 215 million citizens are engaged in online betting across various platforms. This number has increased by 25 million this year alone, with an average of 3.5 million new users each month, according to an August opinion poll by the Locomotiva Institute.
The surge in gambling is often linked to the economic climate, as over half of respondents indicated that “making money” was their primary motivation for placing sports bets. The data also reveals that 45% of bettors have encountered “financial losses,” and 30% acknowledge that gambling has “damaged personal relationships.”
A study commissioned by a Brazilian retailers’ association found that 63% of users on online platforms have reported a decline in income, with 23% admitting they prefer to gamble rather than purchase clothing.
Frederick R Cook for TROIB News
