Lula says he could put an end to Bets if regulation doesn’t work – Money Times


lula vale3 bets bets

Last week, upon arriving abroad, Lula called a meeting on the regulation of Bets. (REUTERS/Adriano Machado)

The president Luiz Inácio Lula da Silva stated this Sunday that the government may end the release of online betting in the country if the regulation, scheduled to come into full force by next year, is not successful in controlling excessive spending and the population's debt.

“We are making regulations. Still in the month of October we will remove 2 thousand websites from bets in this country and then we will see what benefits the regulation will guarantee, making sure that things are being done seriously”, said Lula in an interview after voting, in São Bernardo do Campo (SP).

“If the regulation doesn’t work, I want to say that I will have no doubts about definitively putting an end to this”, guaranteed the president.

Last week, upon arriving abroad, Lula called a meeting on the regulation of Bets, after data from the Banco Central pointed out that beneficiaries of the Bolsa Família they would be using the benefit card, a debit card.

The president said he did not believe this information, but stated that the regulations should be ready this week. According to the Minister of Social Development, Wellington Dias, whose portfolio manages Bolsa Família, The use of all types of debit cards to pay for bets will be prohibited, including those from Bolsa Família.

“We do not accept the idea that Bolsa Família people are spending money betting on Bets. It is quite possible that there is someone doing this, but it is necessary to remember that most of the time the person who receives Bolsa Família is a woman, and it is unlikely that a woman will spend her child's money on it. The woman will not exchange what is right for what is doubtful,” said Lula.

Bets regulation would only come into force in January 2025, according to the regulation law approved by Congress in 2023, but the government has been bringing forward some points. One of them was the decision to take down websites that had not requested registration in the country by the end of August.

Another issue that must be anticipated is the prohibition of the use of credit cards for payment of bets, which had already been decided.

Several surveys and studies carried out in recent months have revealed an exponential increase in online betting since last year, when Congress authorized, in addition to sports betting, online casinos. There is data that indicates that families, especially poorer ones, are withdrawing resources from regular expenses, especially entertainment and non-essential purchases, to place bets.

“You will never prevent the Brazilian people from betting,” stated the president. “I don't want to stop people from betting, because people all over the world like to bet. Now what I cannot do is allow it to become a disease, an addiction, and for people to become dependent on it.”

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