Zona de Azar Brasil – Bank Presidents Discuss Sports Betting Regulation in Meeting with Lula

Brazil – October 18, 2024 – www.zonadeazar.com The president of the Brazilian Federation of Banks (Febraban), Isaac Sidney, stated that President Luiz Inácio Lula da Silva authorized the creation of forums within the framework of the Conselhão to discuss the causes of high interest rates in Brazil. This announcement followed a meeting held on Wednesday, October 16, between Lula, Sidney, and the presidents of the country’s major private banks, along with Finance Minister Fernando Haddad.

“It was a very productive, cordial conversation. The president was very open to dialogue and assured us that there is no subject he wouldn’t discuss with us,” Sidney shared during a press conference at the Planalto Palace after the meeting, which was also attended by Haddad and Minister of Institutional Relations Alexandre Padilha.

The bank presidents also discussed the issue of sports betting, or “bets,” with Lula, although Sidney did not provide specific details. He highlighted concerns about family indebtedness and emphasized the importance of the Conselhão’s working group to address this issue.

Regarding the Conselhão, Minister of Institutional Relations Alexandre Padilha (PT) added that the working group is expected to start functioning this month and progress through February 2025.

“The goal is to establish this Conselhão working group by October. We are aiming to install it next week, with the analysis of the topic to conclude by February of next year,” Padilha explained.

Sidney also confirmed that Lula and the bank presidents discussed the regulation of the sports betting market, referred to as “bets.” “We expressed to the president our concerns about family indebtedness due to bets. Beyond government issues, there are market and economic implications, and we want to delve deeper into this matter,” Sidney added. The federal government has been working on regulating the sector to prevent illegal sites from operating in the country.

Regarding sports betting, Febraban advocated for the creation of a working group aimed at monitoring the risks that sports betting poses to the country’s economy.

Editor: @_fonta www.zonadeazar.com