Brazil Bans Online Betting in Massive Crackdown on $4B Market

Brazil’s President Luiz Inácio Lula da Silva signed a provisional executive order banning fixed-odds online betting just ahead of the first round of the presidential election. The order goes into effect immediately and prohibits new deposits, though it requires congressional approval within 120 days to remain permanent. Users on these betting platforms have until Oct. 5 to withdraw their existing funds before operations are fully halted. The country’s central bank estimates that Brazilians spend approximately $5.7B on bets every month, with total sports betting revenues surpassing $4B annually. Top Brazilian soccer clubs are sounding the alarm, warning that the immediate termination of betting sponsorships could trigger a massive financial crisis for the sport. "I made the decision to take a hard, drastic and necessary measure. It’s like cancer, you take out the tumor, or the tumor will kill us." — Luiz Inácio Lula da Silva