Brazilian President Luiz Inácio Lula da Silva signed an order immediately banning fixed-odds betting in Brazil, citing family debt. Users cannot make new deposits and have until Oct. 5 to withdraw funds; Congress must approve it within 120 days for it to remain in force.
The order also prohibits the operation, offering, intermediation and advertising of fixed-odds bets. Separately, Lula’s government has drafted a bill to make some related conduct criminal offenses, including promoting the bets and using personal data to solicit bettors.
The order came just over a week before the presidential election’s first round. Polls suggest widespread support for the ban, while Lula’s main rival, Sen. Flávio Bolsonaro, called the move an “electoral measure.” Brazil’s central bank estimated last year that Brazilians spend about 30 billion reais ($5.7 billion) on bets each month.
