Zona de Azar Brasil – Brazil: Caixa to Supervise Gamblers to Combat and Prevent Abuse

Brazil.- August 27, 2024 www.zonadeazar.com Caixa Econômica Federal will officially enter the sports betting market. Everything is on track for the state-owned bank to make a significant impact in the national market, including the option to place physical bets in addition to the already popular online operation.

However, Caixa Loterias, the bank’s subsidiary, has requested authorization from the Ministry of Finance to supervise and regulate sports betting. According to Caixa’s president, Carlos Vieira, “The entry of Caixa into the betting world has an important social impact,” and he also stated that the bank will allocate the funds raised to social projects.

Moreover, the president of Caixa emphasized that betting will be supervised to prevent abuse of the games. Luíola Aor, president of Caixa Loterias, mentioned that the bank will limit betting and usage if deemed necessary and will provide supervision for bettors showing signs of addiction.

“These are not competitive markets. Today, with social capital below the minimum required by the Ministry of Finance to operate in this market, Caixa Loterias must meet the minimum standards within the deadline set by the ministry,” said Luciana Aor.

Last April, Caixa Econômica issued an official statement stating that it requested authorization to operate in the sports betting market from the Ministry of Finance.

Read the full official statement below.

Caixa informs that, as a key player in the Brazilian lottery market, it constantly works on developing new products and gaming businesses. The required documents were submitted according to current regulations.

Caixa Loterias is a company created by Caixa to manage lottery operations, including traditional bets such as Mega-Sena and other products. One of the bank’s objectives in creating the subsidiary was to gain agility in the face of competition from bets, which have a different nature and were regulated by the government last year.

Caixa holds the constitutional monopoly on lottery games in the country. Caixa Loterias was created in 2015, and the transfer of lottery services to the company was approved in April this year. The migration will provide greater focus and contribute to the modernization of the lottery business, market expansion, product diversification, and improved results.

Edited by: @_fonta www.zonadeazar.com