It is spreading as a cancer. This month the central bank published a report saying that in August 20% of the Bolsa Família, the largest money transfer program for very poor Brazilians, was spent on these bets.
Out of the 20 million people that receive it, 5 million made bets during that month. This is 2 billion reais (about $450M) spent in a single month by the poorest Brazilians.
It's a cancer. Everywhere you go there are ads. The influencers, the biggest athletes and musicians are marketing it.
Although I tend to be liberal, this needs to be heavily regulated.
As a libertarian however, I break with the opinion of making consensual activities illegal even if they are self-harming. So I guess my stance is probably the same as addictive drugs. They could be legal, but come with the same labeling, warnings, ID requirements and age restrictions that come with a pack of cigarettes. We should probably be educating kids about the dangers of addictive apps like we once did with DARE on the dangers of drugs.
A measure could well be somewhat effective on its own, but then it would require the industry to get creative and work extra hard to still get people hooked, which they will do, but they'd rather not have to do it in the first place.
What's more, opposition to any type of well intended regulation is typical for harmful industries, even if the regulation might be ineffective. They do that on principle, as they don't want the precedent of getting regulated. The mere idea of having regulations for the benefit of society threatens their business models.