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Entain, a FTSE 250 firm that operates under brands like Coral, expressed disappointment over Brazil's recent ban on sports betting and online casinos signed into law by President Lula da Silva without prior industry consultation. The company reduced its full-year online net gaming revenue forecast to between 4% to 6%, with anticipated earnings now at the lower end of £910 million to £960 million guidance. Additionally, Entain is currently consulting on cutting around one-fifth of its customer care jobs across eleven countries due to increased gambling taxes and regulatory challenges globally.
Written locally by qwen2.5:14b on 2026-10-02,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
On September 25, Brazil's President Luiz Inácio Lula da Silva banned online betting operations across the country in an effort to curb rising household debt and gambling addiction. This move comes just weeks before the October 4 first round of presidential elections, where he is facing a tight race against right-wing Senator Flavio Bolsonaro. The ban immediately halts new deposits into betting accounts and gives users until October 5 to withdraw their funds; however, it needs approval from Congress within 120 days to remain in effect permanently.
The decision was driven by public health concerns as nearly three-quarters of Brazilians support a complete ban on online betting. Lula’s administration cited the negative impact of gambling on families’ finances and the lack of regulation since its legalization in 2018 under former President Michel Temer's administration, which worsened under Bolsonaro. The industry was expected to contribute around 5% of Entain's total online net gaming revenues for this year but now faces a significant downturn due to the ban.
Written for “Brazil Lula Online Betting Ban” on 2026-10-05,
grounded in this article and the 5 other(s) covering the same event.
The group said it was “disappointed” with the sudden decision by Brazilian President Luiz Inacio Lula da Silva on Friday to sign an order that “prohibits all sports betting and online casinos”.
asserted
that → say → betting
It comes amid efforts to clamp down on surging levels of gambling addiction across the country.
asserted
It → come → country
Entain said the announcement was made “without consultation of industry stakeholders regarding its significant adverse consequences”.
asserted
announcement → say → consequences
The FTSE 250 firm said it would comply with the provisional ban, which must now secure congressional approval within 120 days to become permanent.
asserted
which → say → days
Entain downgraded its full-year online net gaming revenues outlook to between 4% to 6% as a result of the ban and said underlying earnings were now expected at the lower end of its guidance for between £910 million and £960 million.
asserted
earnings → downgrade → million
Brazil was expected to account for around 5% of its total online net gaming revenues this year, though it said the earnings contribution was forecast to be “modest” because of the “challenging and highly competitive operating environment” in the country.
asserted
contribution → expect → country
Earlier this month, Entain revealed around 400 jobs were being cut worldwide as it blamed increased gambling taxes and warned more could be at risk amid speculation the Chancellor is planning to double machine games duty in the Budget.
uncertain
Chancellor → reveal → Budget
The group, which also owns brands including Coral, said it had launched a consultation that could see a fifth of its 2,000-strong customer care jobs go across 11 countries, including the UK, as part of ongoing efforts to “address the impact of the UK’s increased gambling taxes”.
uncertain
fifth → own → taxes
It did not reveal how many jobs would go in the UK as part of the consultation, which is set to end by November.
asserted
which → reveal → November
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