São Paulo, Sep 26 (V7N)- Brazilian President Luiz Inácio Lula da Silva has signed a provisional measure banning the operation, offering, intermediation and advertising of fixed-odds betting in the country.

The measure, signed Friday, covers both sports betting and online gaming conducted through physical or virtual platforms. It also applies to betting operations authorized by states and the Federal District, according to Brazil's government.

The ban takes effect immediately, although it must be approved by Congress within 120 days to remain in force. The government has set October 6 as the date from which betting websites and applications will go offline under the measure.

Lula has previously criticized the expansion of online betting, describing gambling addiction as a serious social problem. The government's Health Ministry said the issue has become a growing public-health concern, citing financial losses and related social and health impacts.

The measure comes nine days before Brazil's October 4 presidential election. Lula is seeking another term, while Senator Flávio Bolsonaro, son of former President Jair Bolsonaro, is among his main challengers.

Lula said the expansion of online betting had taken place rapidly in recent years and argued that stronger restrictions were necessary to protect Brazilian families.

Alongside the provisional measure, the government also announced legislation establishing tougher penalties for offenses involving fixed-odds betting and measures targeting illegal betting operations.

Flávio Bolsonaro criticized the move during an election event in Rio de Janeiro, describing it as "populist, hypocritical and politically motivated," according to Reuters.

Brazil legalized the framework for fixed-odds betting in 2018 and later introduced a regulatory system for the sector. The latest measure now seeks to end the operation of licensed online betting platforms across the country.

Under the government's schedule, bettors have until October 5 to withdraw funds voluntarily, while financial institutions will subsequently handle the return of remaining balances under the established timetable.

END/SMA/AJ