"The Economist" celebrates Online Gambling as Brazil debates its restriction

The Economist said on Friday  that the increase in online gambling should be celebrated, not feared. According to the British magazine, in the United States the practice is driven by easy access to technologies, the social act of gambling and the lack of regulation of the sector in recent years.

‘Much about today's gambling boom should be celebrated as an expansion of people's freedom to lead their lives as they choose [...]. Freedom is not only measured by freedom of speech and politics, but also by the ability to spend your money as you wish,’ says the Economist's text. 

The magazine's opinion runs counter to what the Brazilian population believes. In Brazil, a Datafolha poll showed that 65 per cent believe that sports betting should be banned. When it comes to online casinos and slot machines, such as the ‘tiger game’, 78 per cent are in favour of restrictions.

In 2024, the government launched a process to regulate the segment. One of the concerns is the addiction of gamblers and the possible financial consequences for families. Poder360 reported that Bolsa Família beneficiaries spent R$10.5 billion on betting from January to August, with R$3 billion in the last month alone.

However, according to research cited by the Economist, the profile of the common sports bettor in the United States makes it less financially dangerous for families. They claim that 44 per cent of gamblers are young men who earn more than $100,000 a year.  

This financially stable profile of gamblers makes the growth in the number of games less damaging to US society and to gamblers, who are expected to wager almost $150 billion by 2024, up from $7 billion in 2018. It is expected that up to $630 billion will be spent on sports betting and online casinos by the end of the decade.

The growth is not exclusive to the United States. The Philippines, Poland and China have decided to regulate the betting industry rather than ban it. According to the British magazine, this is a good thing because it reduces the chances of addicted gamblers becoming hooked on an underground market with the potential to put them at risk.

‘Criminalising gambling would deprive tens of millions of people of entertainment and drive the most compulsive gamblers underground, where they would be more vulnerable to abuse,’ says the British publication.