Brazilian President Luiz Inácio Lula da Silva has signed an order to ban fixed-odds sports betting, a week before the first round of the presidential election. President Lula stated the measure was designed to tackle the issue of families falling into debt.
The decision immediately ends the operation, offering, intermediation, and advertising of this type of betting. The provisional executive order also prohibits new deposits into accounts and gives users until 5 October to withdraw their funds. For the order to remain in effect, it will need congressional approval within 120 days.
President Lula described the decision as a “hard, drastic and necessary measure.” His government has also drafted a bill to establish criminal offences related to fixed-odds betting, including promoting them and using personal data to solicit punters.
The ban follows previous criticisms from President Lula regarding the betting industry, including at the United Nations general assembly. Polls suggest the ban has widespread public support among Brazilians.