‘Betting Won’t Come Back’: Lula’s Upset Win Keeps Brazil’s Ban On

Brazil's presidential runoff ended with incumbent Luiz Inácio Lula da Silva winning a surprise victory on the same day the country's 85 sports betting and online casino licenses lapsed. Three days before the vote, Lula said betting would not come back, signaling his government's hostile stance toward the industry will persist. For crypto traders, the result dims prospects for regulated betting and gaming markets in Latin America's largest economy, a sector that has increasingly leaned on crypto rails.