Brazil could impose restrictions on payments for betting and gambling --[Reported by Umva mag]

Brazil is honing in on regulating the growing gambling industry, as plans are announced to introduce restrictions on payments.

The actual details haven’t yet been finalized as the Ministry of Finance will be speaking with operators starting next week to discuss authorized websites and their operations in the country.

According to the ‘Games Magazine Brasil,’ President Lula has approved the implementation of payment restrictions which could include the Bolsa Família Card. This is a government-issued card that was created to provide universal coverage for poor families in Brazil.

The executive secretary of the Ministry of Finance, Dário Durigan, is quoted as saying: “The Bolsa Família public is protected by the suspension of illegal ‘Bets’ and now by the fine-tooth comb that will be carried out on authorized companies,” he said. Operators in Brazil are called ‘Bets.’

“For now, the use of the Bolsa Família card has not been suspended,” nor have any specific measures yet been introduced for beneficiaries of the payment.

The government has previously said it will block unauthorized betting websites which will go ahead in the coming days, with the block taking place on October 11.

Gamblers in Brazil spend a massive $3.7bn a month on betting and gambling

These moves come amidst rising concern about online betting as the Central Bank released a survey showing that the average monthly spending of Brazilians on betting and gambling is around R$20 billion ($3.7bn USD) through its Pix payment system.

In August, five million Bolsa Família recipients are said to have spent R$3 billion ($550,000 USD) on online gambling and betting.

The market regulation process continues to be underway and is being coordinated by the Ministry of Finance. The regulated online gambling market will begin officially in January of 2025, based on a law  approved last year.

This will include the prohibition of some payment methods, including the use of credit cards and rules around advertising.

Featured Image: Via Midjourney

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