{"id":2652,"date":"2024-10-07T09:39:48","date_gmt":"2024-10-07T09:39:48","guid":{"rendered":"http:\/\/stakery.io\/?p=2652"},"modified":"2024-10-09T14:25:41","modified_gmt":"2024-10-09T14:25:41","slug":"brazil-president-threatens-to-ban-sports-betting-as-poor-gamble-550m-in-financial-aid","status":"publish","type":"post","link":"http:\/\/stakery.io\/index.php\/2024\/10\/07\/brazil-president-threatens-to-ban-sports-betting-as-poor-gamble-550m-in-financial-aid\/","title":{"rendered":"Brazil President Threatens to Ban Sports Betting as Poor Gamble $550m in Financial Aid"},"content":{"rendered":"
<\/div>\n

Gambling with government funds<\/h2>\n

President Luiz Inacio Lula da Silva has threatened to pull the plug on Brazil\u2019s new online sports betting market after it emerged the country\u2019s poorest citizens are using government financial aid to bankroll their gambling.\u00a0<\/p>\n

Lula made the threat to reporters Sunday while in Sao Paulo to cast his vote for the city\u2019s municipal elections. According to Reuters<\/em>, the Brazilian president said he will \u201cban online betting if regulation does not cure addiction.\u201d<\/p>\n

\n

\u201cIf regulation doesn\u2019t work, I won\u2019t hesitate in putting an end to (betting) definitively,\u201d <\/p>\n<\/blockquote>\n

Lula told the press.\u00a0<\/p>\n

Soccer is like a religion in Brazil and its citizens have wholeheartedly embraced sports betting since the market went legal in 2018. But the Lula administration is facing a backlash over the vertical after bank studies revealed online sports betting is affecting household incomes, \u201creducing consumer spending and bankrupting families.\u201d<\/p>\n

Betting on aid<\/h2>\n

Lula has reportedly deemed it \u201cunacceptable\u201d that families with low incomes receiving social security aid through the government\u2019s Bolsa Familia program are using that cash to gamble.<\/p>\n

The government\u2019s cause for alarm comes from a central bank report that recipients of the Bolsa Familia support spent R$3bn ($550m) of the aid money to gamble in August.<\/p>\n

According to Reuters<\/em>, Lula is conflicted about sports betting<\/a>. On one hand, he acknowledges cultural betting traditions that have been around since the 19th Century. He stated that despite bans, illegal betting on lottery numbers, known as \u201cjogo do bicho\u201d and cockfighting, Brazilians will still bet.\u00a0<\/p>\n

On the other hand, Lula is concerned about the impact sports betting is having on the country\u2019s poorer citizens.\u00a0<\/p>\n

\u201cEveryone knows that the person going to buy bread in the morning will make a small bet using the bread money,\u201d Lula acknowledged.<\/p>\n

\n

knows people \u201cwho lost their house and car\u201d <\/p>\n<\/blockquote>\n

\u201cBut what I cannot allow is betting to turn into a disease, an addiction, and for people to become dependent on it:\u201d The president gave his comments extra meaning when he stated he knows people \u201cwho lost their house and car\u201d over gambling.\u00a0<\/p>\n

Sports betting boom<\/h2>\n

Brazil\u2019s sports betting market has exploded since Lula signed off on the country\u2019s Fixed-Odds Betting Law<\/a> earlier this year. Media reports cite a list Brazil\u2019s Secretariat of Prizes and Bets published recently in which 200 fixed-odds sports betting brands have had their licenses approved, making the country the \u201cfifth-largest\u201d betting market in the world.<\/p>\n

Some of the licensees are the world\u2019s biggest corporate betting brands, including Flutter Entertainment and Entain.\u00a0<\/p>\n

In preparation for the launch of a federal, regulated gambling market in Brazil on January 1, 2025, the country\u2019s Ministry of Finance stated unlicensed gambling firms had to quit operations by October 1<\/a>.<\/p>\n

The post Brazil President Threatens to Ban Sports Betting as Poor Gamble $550m in Financial Aid<\/a> appeared first on Vegas Slots Online News<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gambling with government funds President Luiz Inacio Lula da Silva has threatened to pull the plug on Brazil\u2019s new online sports betting market after it emerged the country\u2019s poorest citizens are using government financial aid to bankroll their gambling.\u00a0 Lula made the threat to reporters Sunday while in Sao Paulo to cast his vote for…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[],"_links":{"self":[{"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/posts\/2652"}],"collection":[{"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/comments?post=2652"}],"version-history":[{"count":1,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/posts\/2652\/revisions"}],"predecessor-version":[{"id":2653,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/posts\/2652\/revisions\/2653"}],"wp:attachment":[{"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/media?parent=2652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/categories?post=2652"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/tags?post=2652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}