Brazil's Battle Against Betting: Lula's Gamble on Regulation

Brazil battles a sports betting frenzy impacting household incomes. President Lula threatens an online betting ban if regulations fail to curb addiction. New rules exclude credit card use, while Lula ponders further restrictions on Bolsa Familia beneficiaries amid rising concerns over financial harm to low-income families.

Brazil's President Luiz Inacio Lula da Silva is confronting a growing sports betting phenomenon that's affecting household finances. On Sunday, he declared his intention to ban online betting if current regulations fail to address bettor addiction, which has escalated since betting became legal in 2018.

Highlighting the impact on low-income families, particularly those receiving Bolsa Familia social security transfers, Lula expressed concerns about funds being misused on betting. In response, the Secretariat of Prizes and Bets listed licensed companies, imposing local operational demands and prohibiting credit card use.

Despite a cabinet meeting on further restrictions, no decisions were made. Lula acknowledged the allure of betting, noting its historical presence despite past bans. However, he emphasized preventing betting from becoming an addiction, as it's already leading to financial ruin for some families.

(With inputs from agencies.)