Get the latest tech news
Brazil's Online Betting Surge Sparks Debt Crisis as Users Turn To 400% Loans
Brazilian officials are scrambling to control a gambling boom that has led some citizens to take out loans with interest rates as high as 438% to fund their betting habits, sparking concerns about household debt levels. The surge in online betting has doubled Brazil's gambling population to 52 mi...
Brazilian officials are scrambling to control a gambling boom that has led some citizens to take out loans with interest rates as high as 438% to fund their betting habits, sparking concerns about household debt levels. Central Bank President Roberto Campos Neto said lower-income families are disproportionately affected, with 20% of government social program payments in August directed to online gambling sites. The Finance Ministry has accelerated regulatory measures, requiring over 100 betting companies to submit operating paperwork ahead of schedule.
Or read this on Slashdot
