Brazilian President Luiz Inácio Lula da Silva signed an executive decree banning sports betting and online casino entirely. The measure took effect immediately but requires Congressional approval within 120 days. Players were given until 5 October to withdraw funds; deposits are already blocked. Active licences will expire after a 30-day transition period.
Lula cited rising household debt and public health concerns. Polling shows around 75% of Brazilians support the ban. Opposition parties call it politically motivated—it came one week before the 4 October presidential election, where Lula faces Senator Flávio Bolsonaro.
For operators, the damage is considerable. Brazil became one of the world's largest betting markets after launching regulated operations in 2025. Entain said the ban could materially affect its NGR.
Kalshi loses again on appeal
The US Sixth Circuit Court of Appeals dismissed Kalshi's lawsuit against Ohio and Tennessee regulators. The court ruled that the platform's contracts on sporting events are not swaps under the Commodity Exchange Act and do not fall under the CFTC's exclusive jurisdiction.
The decision overturned a preliminary injunction issued by a Tennessee court in February and upheld Ohio's refusal to block enforcement. This is Kalshi's second appellate defeat, following a similar ruling by the Ninth Circuit. The platform previously won in the Third Circuit covering New Jersey.
The court also rejected the argument that federal regulation pre-empts state gambling law. The CFTC said separately that new rules for event contracts will be released within two months. Kalshi has asked the Fourth and Ninth Circuits to pause proceedings until that rulemaking is complete.
