Crystal Sun

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Paired with the recent rise of prediction markets—which allow traders to stake money on everything from sporting events to pop culture outcomes—Americans are risking more money on casino-like activities than ever before.

Buffett has repeatedly raised concerns regarding the mainstreaming of gambling and its marketing under the guise of investing. In May, he targeted prediction markets and traders speculating on short-term instruments like 30-minute bitcoin options.

“If you’re buying or selling one-day options, that is not investing. It is not speculating. It is gambling,” Buffett said during an interview with CNBC. “There’s nobody who can explain why they’re buying an option for one day.”

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Andreas Braun, owner of four arcades in Wiesbaden, filed an objection and constitutional complaint against the tax rate in April last year according to local reporting. He argued that the tax rise had provided a ‘strangling’ effect to business and that it consumed operator profits.

According to a high court ruling from over a decade ago, the tax rise cannot be allowed to rise to the point of ‘consuming livelihoods’. 

“If the tax burden alone makes it impossible to establish the occupation of slot machine operators as the economic basis of one’s livelihood within the municipality,” the ruling said. 

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During a livestream on Sunday, he said he had met with “eight victims of online betting”. To reinforce his criticism of the sector and in an attempt to win over conservative voters, he pointed out that one gambler had made 1,400 instant fund transfers (Pix) to a betting site. Lula criticised the Central Bank for failing to detect such a high volume of transactions to a single company.

However, that responsibility does not lie with the Central Bank. It is the role of the Secretariat of Prizes and Bets to monitor and regulate the sector. Betting companies submit detailed daily reports on bettors’ financial transactions with the sites. A specific module within Brazil’s betting management system detects recurring transfers.

“Today I met a young man who made 1,400 Pix transfers in three months, and the Central Bank didn’t detect that this was an excessive number of transfers to the same company?” Lula said.