⛔️ Brazilian Federation of Banks 🇧🇷 (FEBRABAN) Requests Immediate Ban on Bank Card Use for Gambling Payments

⛔️ Brazilian Federation of Banks 🇧🇷 (FEBRABAN) Requests Immediate Ban on Bank Card Use for Gambling Payments

Although the resolution for this ban was issued in April, things in Latin America move at their own pace. The new regulation is expected to take effect with the launch of the legal gambling market on January 1, 2025. However, banks are already seeking protection, fearing an increase in default rates.

Are these concerns justified❓

⏩ In July, the Central Bank reported that the delinquency rate among credit card holders was 7.39%, just below the last year's average (7.71%).

⏩ Additionally, a survey conducted in January revealed that 15% of Brazilians have placed online sports bets. On average, these individuals spend 263 reais per month (7.71 USD), which accounts for about 20% of the 2023 minimum wage. According to the Locomotiva Institute, 1 in 3 of these bettors are in debt and hold two or more credit cards.

⏩ Precedent: In the United Kingdom 🇬🇧, the use of credit cards for gambling was banned in 2020, and it was foundthat business accounts were often used to make payments for betting and slot machines.

#news #Brazil #gambling #Europe

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