Official! Government announces suspension of betting firms in Brazil | OneFootball

Betting platforms will have until October 5 to return funds to bettors; starting the following day, platforms will no longer be allowed to operate

The Federal Government announced this Friday (25) the suspension of the activities of betting companies in Brazil. Finance Minister Dario Durigan presented the measure alongside President Luiz Inácio Lula da Silva and other members of the government.

The decision requires betting platforms to return to bettors the funds available in their accounts by 11:59 p.m. (Brasília time) on October 5. “Starting the following day, the platforms will no longer be allowed to operate in the country,” according to the published schedule.

In addition, the Provisional Measure (MP) published this Friday (25) bars new deposits into the platforms. Therefore, users will no longer be able to add money to their accounts after the measure is published.

GOVERNMENT ALSO ANNOUNCES DEBT RENEGOTIATION

The government also announced a debt renegotiation program. The initiative is intended to help families that have accumulated debts related to online betting.

However, the program will not be limited to people who went into debt because of betting platforms. The government said the measure will have a broader scope.

Fixed-odds betting has operated within a regulated market in Brazil since 2023. That year, Congress approved Law 14,790/2023, known as the Betting Law, which was later signed by Lula.

Now, the new Provisional Measure establishes the interruption of platform activities. The text also sets out rules for withdrawing funds that remain in bettors’ accounts.

HOW WILL THE REFUND OF FUNDS WORK?

The schedule sets different stages for returning the money. First, bettors will have a period to voluntarily withdraw the funds available on the platforms.

After that, the betting companies will need to report the remaining balances to financial institutions. The information must be itemized by CPF.

In addition, banks will have a specific deadline to return the funds to bettors. If any issue prevents the operation, Caixa Econômica Federal will take responsibility for the refund.

Funds that remain untouched will also be given a defined destination. Thus, the money will be sent to a specific Caixa account after the established deadline.

SEE BELOW THE SCHEDULE FOR THE SUSPENSION OF BETTING COMPANIES IN BRAZIL:

This article was translated into English by Artificial Intelligence. You can read the original version in 🇧🇷 here.