Online betting was banned in Brazil
On September 25, the President of Brazil, Luiz Inácio Lula da Silva, signed a temporary decree banning online betting in the country. The restrictions apply to both sports betting and online casinos.
Luiz Inácio Lula da Silva
According to the decree, operators can no longer accept new bets in Brazil, but their websites and applications can operate until October 6—this time is needed for players to withdraw the remaining funds from their accounts. If players do not manage to do so, companies will have to contact their banking partners to refund the money forcibly.
Although the decree took effect immediately after signing, the National Congress of Brazil must review it within 120 days. The government will ultimately decide whether to make the ban permanent or not.
The president's decision marked a significant shift in Brazil's policy, which had been working for several years to establish regulations for the online betting market.
According to the government, 85 licenses had been granted to operators in Brazil as of today. The total amount paid by operators for licenses was 2.55 billion Brazilian reals ($492 million). The authorities do not intend to refund these fees or compensate companies for lost profits.