SAO PAULO — President Luiz Inácio Lula da Silva on Friday announced a ban on online betting operations in Latin America’s largest economy and unveiled a new household debt-relief program, the latest measures ahead of next month’s election, Reuters reported.
The executive order takes immediate effect but must be approved by Congress within 120 days to remain in force. It comes less than two years after Brazil opened a legal framework for the industry. Finance Minister Dario Durigan called online betting “a public health issue,” saying app stores and network providers must block betting websites on October 6. Polls show Lula locked in a tight race with Senator Flavio Bolsonaro ahead of the October 4 first-round vote; Bolsonaro called the ban “populist, hypocritical and politically motivated.”
The Finance Ministry estimates Brazilian households spend about 60 billion reais ($11.6 billion) a year on online betting. Lula also said the government will hold a November auction to buy and restructure household debt, spending 15 billion reais to acquire up to 150 billion reais of delinquent loans at deep discounts.
Sources: Reuters
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