Brazil’s Finance Minister asked to explain online betting operations

Brazilian Minister of Finance, Fernando Haddad, has been mandated to present information about bets in Brazil. 

The requirement ,made by federal deputy Marcos Tavares, aims to determine, among other things, if companies in this market are receiving cryptocurrencies illegally. 

The request detailed that Haddad had to provide “detailed, technical and documentary information about the structure, regulation, inspection, collection, financial movement and risks associated with online betting companies.”

The information requested did not discriminate between illegal and legal companies, and also includes those that operate without a local headquarters. In addition, Tavares requested information about the amount of taxes paid by said companies during 2023 and 2024, in order to understand if any of them are currently in default with the Brazilian Federal Revenue Service.

Moreover, the petition references financial transactions and money laundering, and calls for clarification regarding the use of cryptocurrencies. It also questions whether authorities have expressed concerns or are conducting investigations into possible connections between betting companies and activities such as money laundering, asset concealment, or the use of untraceable digital currencies.

Good to know: Brazil has been working on developing and properly regulating the betting industry since January 2025

The request has not yet been approved for formal submission and still needs to be approved by the Chamber to proceed. It will allegedly involve the Parliamentary Commission of Inquiry of Betting (CPI das Bets), which has been working to investigate irregularities in the online betting sector. 

Last month, as part of an investigation into the financial, social and regulatory impacts of online betting platforms in Brazil, the CPI das Bets heard the testimonies of a representative from Peach Blossom River Technology and the lawyer Adélia de Jesus Soares, under investigation for allegedly facilitating illicit financial activities and money laundering. 

Carlos Mendez

Writer

For Carlos Mendez, betting markets are best understood as conversations between numbers and behavior. His work focuses on interpreting what odds reveal about risk, pricing, and public sentiment rather than chasing short-term outcomes. Growing up in Buenos Aires, Carlos was immersed early in football culture...

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