Stories
Brazil President Bans Online Betting Ahead of Election to Combat Debt Crisis
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CNBC TV18•26-09-2026, 09:29
Brazil President Bans Online Betting Ahead of Election to Combat Debt Crisis
- •President Luiz Inácio Lula da Silva signed an order banning fixed-odds betting, effective immediately, to address family debt and addiction.
- •The provisional order prohibits new deposits and gives users until October 5 to withdraw funds, requiring congressional approval within 120 days.
- •Lula's government also drafted a bill to establish criminal offenses for promoting fixed-odds betting and using personal data to solicit bettors.
- •The ban follows Lula's strong criticism of the betting industry, which he called a "cancer" and accused of "transforming addiction into profit."
- •The move comes amidst widespread public support for a ban and concerns about the industry's economic and social costs, estimated at 38.8 billion reais annually.
Key Questions Answered
President Luiz Inácio Lula da Silva signed an order banning fixed-odds betting to address the pervasive issue of families falling into debt and to combat a public health crisis involving addiction.
The provisional executive order gives users of betting platforms until October 5 to withdraw their funds, while prohibiting any new deposits into accounts immediately.
While the provisional executive order comes into force immediately, it requires congressional approval within 120 days to remain permanently in effect.
