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Lula orders Brazil’s regulated betting market to close from 6 October

Regulation

Brazilian President Luiz Inácio Lula da Silva ordered a halt to fixed-odds betting through a provisional measure, with authorised operators’ sites and apps due to cease activity on 6 October. Players can request withdrawals until 5 October; operators must consolidate identified customer balances on 7 and 8 October and return remaining funds through banks and financial intermediaries between 9 and 14 October. The measure excludes compensation for lost profits and investments, according to the report.

Operators face a fixed closure and refund timetable, while the measure excludes compensation for investments and lost profits.

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Regulation

Lula raises possibility of ending Brazil’s regulated online betting market

Brazilian President and re-election candidate Lula da Silva again raised the possibility of ending the regulated online betting market during an interview on 14 August, according to the report. His campaign plan instead calls for monitoring household and business debt, maintaining spending controls and improving rules on credit and consumer protection; it does not propose a ban. Rival candidate Flávio Bolsonaro also addressed betting in his plan.

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