Quick money is the main reason why more vulnerable people gamble, study shows.

Electronic betting appears as a destination for part of the income of more than 40% of the vulnerable population in Brazil in 2024. This is what a survey carried out by Plano CDE, specialized in impact assessments on families that make up classes C, D and E, and presented during a G20 finance event held this Wednesday (25) by the Getúlio Vargas Foundation (FGV) and the Central Bank, in Rio de Janeiro, reports VALOR.

According to the institution's CEO, Maurício Prado, betting on "bets" comes in second place in the study that takes into account the risk behavior adopted by low-income Brazilians who need money quickly. Taking out credit, especially loans, tops the list among the options used to pay off debts.

“Impulsive spending by the most vulnerable Brazilians stems from the following behavior: they avoid leaving home because it is too expensive and entertain themselves with television and cell phones, where gambling sites are everywhere. It seems like an easy money solution to pay off debts, but it ends up becoming a snowball effect,” explains Prado, who also cites the creation of businesses and emergencies as reasons for the indebtedness of this segment of the population.

According to him, only now are the government and institutions beginning to understand the magnitude of the gambling problem. “When you need money fast, there’s no such thing as financial organization, thinking about next year. They want to know about next week, the next day. First and foremost, you need to understand the flow of this money.”

According to data released yesterday by the Central Bank, beneficiaries of the Bolsa Família program spent approximately R$ 3 billion on "bets" via Pix in August alone. The average spending was R$ 100. Of the 5 million bettors, 70% are heads of household.

“We have to be careful not to be paternalistic, nor to judge these people. They have more bills to pay than money, so it's a lot of pressure. Debt can lead to more debt; they do this out of desperation. That's why I believe regulation is the first big step to curb these numbers,” says Prado.

The event takes place from September 25th to 27th in Rio and marks the opening of the 3rd and final plenary session of the Global Partnership for Financial Inclusion (GPFI). The GPFI is a G20 forum for the exchange of experiences between countries and international organizations to improve access to financial services for the world's population.