Brazil’s warning promotes betting license applications
The Secretariat of Prizes and Bets (SPA) reported about four companies that are allowed to operate in Brazil till the transition period.Brazil set a deadline for...
Brazil to ban credit card betting starting in 2025
Brazil aims to ban credit card betting starting January 1, 2025.
Despite the positive welcome on the credit card ban, many analysts think that the government should speed up and change the date of the proposed ban to a new, closer date. This is a result of the rising numbers of problem gamblers and the growing rate of credit card defaults, which could worsen before January.
Isaac Sidney, the Brazilian Federation of Banks president, said:
“We are very concerned about how much this could compromise family income and increase defaults or even cause an increase in the cost of credit.”
Banks are concerned that continued credit card use for gambling could lead to higher default rates and financial strain on vulnerable groups, such as people with gambling issues. An increase in black market gambling and gambling-related marketing is also a potential threat to the country.
Gambling loses in Brazil
In July, credit card defaults among individuals reached 7.39%, with a 12-month average of 7.71%.
Experts are also concerned about the long-term effects of delayed regulations, noting that gambling losses in Brazil have reached R$23.9 billion ($4.28 billion) annually. With online gambling becoming more popular, financial experts warn that swift action is needed to protect consumers from further harm and maintain financial stability.
FAQs
Is gambling legal in Brazil?
Many forms of land-based gambling are illegal in Brazil.
What is the legal gambling age in Brazil?
The legal gambling age in Brazil is 18.
Is credit card betting acceptable in Brazil?
Currently, credit card betting is acceptable in Brazil; however, since January 1, 2025, a new law will restrict credit card usage for betting.
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Brazil unveils strategies against illegal gambling
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