Brazil bans online gambling, offers debt relief
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Luiz Inacio Lula da Silva, the president of Brazil, announced a ban on online gambling nationwide and launched a program to help families manage their debts.
The ban comes less than two years after the government created legal rules for the industry to operate, and requires approval from Brazil’s Congress within 120 days to remain in effect. Brazilian authorities say rising spending on gambling has strained household budgets and increased debt.
Recent polls show approximately three-quarters of Brazilians support a complete prohibition of online betting. The government will allow online gambling sites to remain accessible until October 5th, giving users time to withdraw funds, after which internet providers and app stores must block access. Alongside the ban, Lula da Silva unveiled a debt relief program.
In November, the government will auction off and restructure household debts, allocating 15 billion real (approximately $2.9 billion USD) to acquire up to 150 billion real in overdue debts, offering a 90% write-off. This program is expected to cover around half of all eligible debt, specifically debts of 10,000 real ($1,930 USD) or less that are between two and four-and-a-half years overdue.
