Brazilian President Luiz Inácio Lula da Silva has firmly stated that Brazil will not reverse its ban on betting, emphasizing the need to "end this plague" just days before the presidential runoff on October 25. Lula made these comments during a livestream alongside federal deputy André Janones and personal finance influencer Nath Finanças.
He highlighted conversations with young individuals who accrued debts ranging from R$ 4,000 to R$ 24,000 due to gambling and noted distressing reports of suicides tied to gambling losses. Last minute reports from Brasil de Fato suggested that betting operators could resume activities by October 26, but Lula underscored his commitment to the ban, revealing plans to establish a secretariat of popular finance if elected, proposing Nath Finanças for the role.
On the same day, a Datafolha poll indicated that Lula and Flávio Bolsonaro were neck-and-neck, each receiving 50% of the valid votes. While there are speculations that gambling could return following a potential Bolsonaro victory, these claims are unverified and stem from unnamed sources.
Restoring the legal betting market will require legal intervention or new governmental actions. As of October 23, there has been no ruling from Supreme Federal Court Justice Luiz Fux, who is addressing challenges related to the ban. Furthermore, Congress needs to approve any measures for the ban to be permanent. As of October 21, a committee to review the ban has not yet been established, and lawmakers have submitted 94 amendments for consideration.
The urgent procedure for reviewing these measures is slated to begin on November 9, with discussions expected to conclude by November 23.
Recent reports indicate that Brazil's Receita Federal collected R$11.12 billion (approximately $2.21 billion) in gambling and betting taxes by September 2026, surpassing the R$9.95 billion collected in the entirety of 2025. It's important to note that these figures encompass all gambling and betting revenues, not exclusively fixed-odds betting.
