Brazil's Finance Minister Calls for Total Ban on Online Betting

Fernando Haddad, Brazil's Finance Minister, has expressed his disapproval of the growing popularity of the gambling industry, calling it a "public health emergency."

The minister also said that the failure of the previous government to control the gambling industry led to unregulated advertising by bookmakers and R$40 billion being siphoned offshore through fintech startups and offshore betting platforms. "We are going to involve the Federal Police in the discussion because this is not just a problem for the Finance Ministry, there is a crime behind it," he said.

Fernando Haddad says that if he had his way, he would ban gambling altogether, because no amount of tax revenue can cover the horrific number of gambling addicts, especially among young people. However, quite recently we could see news about the increase in the GGR rate from 12% to 18%, due to the need to increase funding for the state budget.