Brazil President Bans Online Betting Before Election
Brazilian President Luiz Inácio Lula da Silva signed an order Friday. The order bans fixed-odds online betting.
This happened just over a week before the election's first round. The ban took effect right away.
But it needs approval from Congress within 120 days to stay in force. Lula said the ban would stop families falling into gambling debt.
He called the online gambling industry a "cancer" he must "remove." Flávio Bolsonaro is Lula's opponent in a tight presidential race. Bolsonaro called the ban an "electoral measure." Lula had criticized betting for months.
In 2023 he signed a law to regulate and tax betting. The new order reverses that 2023 law.
Klear Note — Fixed-odds betting sets a wager’s possible payout when the bet is placed.
Key Terms 3
- fixed-odds betting Betting where the payout amount is set before the bet is placed.
- Flávio Bolsonaro Lula's rival candidate in Brazil's presidential election.
- congressional approval Brazil's Congress must confirm the order within 120 days for it to stay law.