Brazil’s President Luiz Inácio Lula da Silva on Friday signed an order banning fixed-odds betting just over a week ahead of the first round of the presidential election, in a move he said was designed to tackle the pervasive problem of families falling into debt.
The decision ends the operation, offering, intermediation and advertising of betting. The provisional executive order comes into force immediately but will need congressional approval within 120 days to remain in effect. It prohibits new deposits into accounts and gives users of betting platforms until Oct. 5 to withdraw their funds.
