Brazil plans executive order to ban online casinos, sources say

Brazil's leftist President Luiz Inacio Lula da Silva is set to issue an executive order banning online casinos, sources reveal. The move comes amid growing concerns over lost tax revenue and potential legal challenges from licensed companies. Lula, who has repeatedly called for curbing online gambling, aims to sign the final text before the upcoming October 4 elections.

The ban would exclude sports betting, according to two sources. Lula's administration expects to collect nearly 10 billion reais ($1.95 billion) from the sector last year. However, compensation claims could reach 120 billion reais if the ban restricts activities for which operators paid concession fees, warns the National Association of Gaming and Lotteries.