Zona de Azar Brazil – Brazil: 22 Banking Institutions Allegedly Providing Services to Illegal Betting Sites

Brazil – March 7, 2025 – www.zonadeazar.com The General Coordination of Oversight of the Secretariat of Prizes and Betting of the Ministry of Finance (SPA-MF) has notified 22 banking and payment institutions for providing financial services to illegal betting sites.

Law 14.790/2023, which initiated the regulation of fixed-odds betting in Brazil and became popularly known as the “Bets Law,” prohibits any financial or payment institution from providing services to sites not authorized to operate.

In Brazil, only operators with national or state authorization can offer fixed-odds betting, whether in sports betting or online gaming. Companies with state authorization can only provide services within the territorial limits of their respective state.

To operate with nationally authorized companies, financial or payment institutions must have operating authorization from the Central Bank of Brazil. The prohibition of illegal betting companies from using the national financial system to process payments in Brazil and send funds abroad is one of the key measures to curb criminal activity.

In addition to violating regulations, illegal sites are often linked to fraud against bettors, money laundering, tax evasion, abusive advertising, and the lack of Responsible Gambling programs.

Edited by: @_fonta www.zonadeazar.com