Brazil did not ban betting out of nowhere. The industry helped build the case against itself, but it took a government willing to override its own rules to pull the trigger.
In July, we published a report asking what it takes to win in Brazil, drawn from more than 20 interviews with operators, advisors, lawyers and investors.
Weeks later, President Lula made it illegal to play. It is tempting to call that a political mugging, a healthy market killed off by a populist decree. There is truth in that. But it is not the whole truth.
Brazil’s gambling market grew faster than almost anyone expected. It also grew badly.
