Brazil: Finance Minister says online betting should be banned

In a recent interview, Brazil’s Finance Minister Fernando Haddad delivered one of his strongest public criticisms of the country’s online betting market.

Haddad stated that “no tax revenue justifies this.” He added that, in an ideal scenario, he would support banning the activity altogether. 

Haddad called attention to what he described as a “public health problem,” referencing high rates of gambling among young people and the current lack of regulatory control over offshore casino platforms. 

He also criticised the failure of previous administrations to regulate advertising or collect taxes from betting companies, which, he claimed, led to approximately BR40bn ($7.2m) being sent abroad without oversight.

Now, with the federal government beginning to access and analyse betting-related data, Haddad said a coordinated response is being developed. 

“We’re going to bring the Federal Police into this discussion because it’s not just a Ministry of Finance issue, there’s crime behind this,” he said.

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The Minister has also specifically warned about the role of fintechs in facilitating illegal gambling and possible money laundering. 

He confirmed that the Central Bank is already being informed about financial institutions potentially linked to criminal operations.

This is not the first time the Minister has strongly advocated for tougher oversight in the national gambling sector.

Carlos Mendez

Writer

Odds tell a story long before the result does. When bettors learn to read that story properly, betting becomes a matter of discipline and value rather than emotion or guesswork.

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