🇧🇷 Brazil: Central Bank seeks greater authority to act against illegal betting operators

🇧🇷 Brazil: Central Bank seeks greater authority to act against illegal betting operators

Currently, monitoring and enforcement in Brazil’s betting sector are managed exclusively by the Secretariat of Prizes and Betting (SPA). Last week, the Central Bank president stated that this division of responsibilities is too limited and that his institution should play a more active role in enforcement.

🟰 It is estimated that between 20 billion and 30 billion BRL (approximately USD 3.3 to 5 billion) are wagered monthly on unregulated platforms.

🟰 At present, when notified by the SPA, the Central Bank can only recommend that banks suspend services to irregular operators; it lacks the authority to directly intervene in transactions, as this responsibility rests with financial institutions.

🟰 In March, the SPA issued Ordinance No. 566, aiming to clarify notification procedures for payment methods involved in illegal betting. However, the Central Bank still lacks legal authority to act on these payment methods, except in confirmed cases of financial crimes like money laundering.

🟰 There have also been attempts to block the use of social benefit cards on sports betting platforms, though with limited impact.

#news #Brazil #betting

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