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Buffett, who built his fortune buying “wonderful businesses” at fair prices and holding them for the long term, believes the public has mistakenly adopted a get-rich-quick mindset.

“We’ve never had people in a more gambling mood,” Buffett observed.

In his 2022 letter to shareholders, he criticized mobile trading apps that make day trading and speculative positioning effortless, accusing them of turning the stock market into a “gambling parlor.”

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The Brazil betting industry has faced increasing scrutiny of late over claims that families are falling into debt because of gambling.

The president is not seeking to introduce the measures through a full bill, as the legislative process in Congress could reduce their immediate political impact ahead of the elections.

Some factions within the government, especially the Ministry of Finance, are resisting more drastic measures. The Ministry of Finance, responsible for regulating sports betting and online gaming, understands the sector’s importance to the economy. Finance Minister Dario Durigan’s difficulty lies in convincing Lula that a well-regulated activity is important for public finances. Lula has said, in line with critics of the sector, that if it were up to him, he would end betting in Brazil.

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In April, Interactive Games LLC, a unit of Cantor, sued DraftKings and Flutter Entertainment’s FanDuel, alleging the two largest domestic online sportsbook operators infringed on its patents. That suit arrived a decade after Interactive Games brought similar litigation against the sports wagering giants, which was challenged by both companies.

In the suit brought earlier this year, the Cantor unit accuses the two gaming companies of infringing on five of its patents and requested an undisclosed amount of financial damages.

Interactive Games was once a part of Cantor Gaming, which no longer operates. That entity was familiar with controversy, enduring allegations of money laundering and nearly losing its Nevada license in 2018. The parent company sold the business in 2019.