Brazilian President Luiz Inácio Lula da Silva is expected to announce a complete ban on online betting on Friday, according to SBC News. EFN writes at the same time that O Globo and Folha de S.Paulo have reported that Lula confirmed his decision at a meeting with economic ministers.
The ban would be a setback for several listed gaming companies operating in Brazil, the financial news channel writes. Kambi has identified the country as a significant opportunity and aims to operate exclusively in regulated markets. Evolution has also described Brazil as an important strategic opportunity and opened its first studio in São Paulo in 2025.
Betsson also operates in Brazil, but has previously stated that it prioritizes other markets in Latin America more highly. A total ban has not yet been formally decided. Folha reported on Thursday that it was the most likely option, but that the details were still being discussed.
