Lula Criticizes Online Betting and Backs Central Bank Oversight

Overview

• At a Casa da Moeda ceremony marking 90 years of the minimum wage, President Luiz Inácio Lula da Silva said online casinos and betting firms are taking over football and advertising and fueling corruption.
• With Central Bank president Gabriel Galípolo on stage, Lula said the monetary authority is working to ensure betting companies pay taxes in Brazil.
• Lula referenced Brazil’s long-standing prohibition of casinos as he framed concerns about gambling’s social impact and the spread of online betting into homes.
• The Central Bank’s role covers supervising the financial system used by regulated betting companies to curb money laundering and fraud, following the sector’s recent regulation by the federal government.
• Galípolo’s attendance, announced only the night before, was reported by Valor as a political gesture toward the Central Bank, which faces pressure due to investigations related to the Banco Master case.