President Luiz Inácio Lula da Silva has suggested Brazil could roll back its regulated igaming market, signalling his desire to “close the bets” to end “rampant gambling in this country”.
Since going live in January last year, the newly regulated market has come under criticism from the Senate, that in February accused MPs of being “in the hands of the betting companies”.
Despite approving Law 14,790 in December 2023 that rubberstamped the regulation of sports betting and igaming in the South American country, President Lula has said discussions are now taking place about bringing an end to the sector.
Ramping up the rhetoric as part of his re-election campaign ahead of October voting, Lula claimed online gambling has led to the “massive tragedy” of debt among families.
“If it’s up to me, we’ll close the bets,” he told Brazilian TV. “Obviously, this depends on the National Congress, on discussion.
“I am deeply worried about the indebtedness of the Brazilian people.
“I have been discussing exactly this: if bets cause the harm that we think they do, why not put an end to them?
“Or, regulate them so that there are not so many in Brazil, if they have any use.
“It is not possible for us to continue with this rampant gambling in this country,” the president added.
The latest comments follow similar suggestions from the president in March, when he called for a total ban on online casino in Brazil.
In its latest integrity report, the International Betting Integrity Association forecast Brazil’s online sports betting gross gaming revenue will “expand steadily” and reach BRL28.8bn by 2030.
Last December, the Senate approved raising the gambling tax from 12% to 18% by 2028, with an increase to 15% across 2026-27.
The Brazilian Federal Revenue Service announced the following month it had collected BRL10bn in tax revenue from activities related to gambling and betting in the market’s first year of regulation.
The post President Lula signals U-turn on Brazil igaming regulation first appeared on EGR Intel.
Despite signing regulated gambling into law, President Luiz Inácio Lula da Silva insists “it is not possible” for the market to continue
The post President Lula signals U-turn on Brazil igaming regulation first appeared on EGR Intel.