Brazilian President Luiz Inacio Lula da Silva, whose government is trying to stop the rising trend of sports betting negatively affecting household finances, stated on Sunday that he will ban online betting if regulation fails to counter addiction among gamblers. Several media outlets report this.

Sports betting, especially in football, has become very popular in Brazil since it was legalized in 2018.

At the same time, studies show that gambling affects household income, reduces consumer spending and bankrupts families.

Lula stressed that it is unacceptable that low-income families, who receive support through Brazil’s social program Bolsa Familia, spend their allowances on betting.
“If regulation does not work, I will not hesitate to put an end to (betting) definitively,” the president told reporters, according to Reuters.

Brazil is South America’s largest economy and the fifth largest betting market in the world. A large number of companies are licensed in the country including Flutter Entertainment, Entain which owns Ladbrokes, and Swedish Betsson.