Brazil's online gambling craze may be hitting consumer spending
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Brazilians are increasingly engaging in online sports betting, with 68.2 billion reais (US$12.2 billion) spent on foreign betting platforms in the year ending June 2024; this trend is linked to lower-than-expected growth in consumer spending, as noted by Brazilian central bank governor-in-waiting Gabriel Galipolo; family spending on gambling has risen to 1.9% of income in 2024, doubling since 2018; households have reduced spending on essentials from 63% to 57% of their income since 2021; the government expects to collect 3.4 billion reais from license requests; 113 registration requests were made by companies including MGM Resorts and Caesars Sportsbook by the August 20 deadline; lower-income groups, making up 79% of bettors, are particularly affected; studies indicate a negative impact on credit scores and increased bankruptcy likelihood in regions with legalized online betting.
#Brazil #OnlineGambling #ConsumerSpending #SportsBetting #Economy #GabrielGalipolo #MgmResorts #CaesarsSportsbook #FinancialImpact #Addiction
https://www.nst.com.my/opinion/columnists/2024/09/1108548/brazils-online-gambling-craze-may-be-hitting-consumer-spending
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