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The Brazil betting industry has faced increasing scrutiny of late over claims that families are falling into debt because of gambling.
The president is not seeking to introduce the measures through a full bill, as the legislative process in Congress could reduce their immediate political impact ahead of the elections.
Some factions within the government, especially the Ministry of Finance, are resisting more drastic measures. The Ministry of Finance, responsible for regulating sports betting and online gaming, understands the sector’s importance to the economy. Finance Minister Dario Durigan’s difficulty lies in convincing Lula that a well-regulated activity is important for public finances. Lula has said, in line with critics of the sector, that if it were up to him, he would end betting in Brazil.
How to play Knights Vs Barbarians
In response, DeNault noted that prediction markets regulated on the federal level by the CFTC offer a “safer alternative” than many offshore operators that lack the requisite consumer protections.
“You can go the combative route and ban something that’s federally regulated,” he said. “But what you’ll end up with is a bunch of customers in Texas just going offshore.”
The committee also heard from Brianne Doura-Schawohl, a nationally recognised problem gambling expert. One study cited by Doura-Schawohl found that 52% of Gen Z respondents include sports betting and prediction markets as part of their long-term financial plan.
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Our tip: Alexandre Lacazette to score and Arsenal to win (17/10)
Leicester City vs. Slavia Prague (Agg 0-0) (8pm GMT kick-off)
Even more finely balanced is this last 32 clash between the surprise package of this season’s Premier League and a side who crashed out of the Champions League at the Qualifying Round stage, losing 4-1 to Midtjylland. That came after a 0-0 first leg result back in Prague and having lost Tomáš Souček and Vladimír Coufal to West Ham in 2020, Slavia look a shadow of their former selves.