Brazil's Lula bans online betting, unveils debt relief plan as reelection race tightens - Reuters

President Luiz Inacio Lula da Silva has announced a ban on online betting operations in Brazil, a move intended to address concerns regarding household debt and public health. The executive order, which takes immediate effect, reverses a legal framework that had permitted the industry to operate for less than two years. To remain in force, the measure must receive approval from Congress within 120 days.

Finance Minister Dario Durigan characterized the proliferation of online gambling as a serious public health issue, noting that government data suggests increased spending on betting has significantly strained household budgets. Recent surveys indicate that approximately three-quarters of the Brazilian population support a complete prohibition of these services.

Under the new regulations, betting firms are required to keep their platforms accessible until October 5 to allow users to withdraw remaining funds. Starting October 6, app stores and network providers will be mandated to block access to these websites within the country.

The announcement coincides with a tightening race for the upcoming October 4 first-round election. President Lula is currently competing against right-wing Senator Flavio Bolsonaro, the eldest son of former President Jair Bolsonaro.

In addition to the betting ban, the administration has unveiled a new debt relief program aimed at assisting households. These measures are part of a broader series of initiatives introduced by the government as the election date approaches.