Brazil’s Finance Minister says online betting should never have been allowed
Fernando Haddad says he would end betting platforms if it were up to him.
Key points:
– Minister said he would ban online gambling if possible
– The Finance Ministry is working with the Central Bank and may involve the Federal Police in investigating illegal activity
– Haddad warned that fintechs linked to offshore platforms may be enabling criminal practices
Brazil’s Finance Minister Fernando Haddad criticised the online gambling sector, claiming that “no amount of tax revenue justifies it.”
The Minister said, given the option, he would shut down the national industry entirely.
Haddad described the explosion of betting activity in Brazil as a “public health emergency” and condemned the lack of oversight that allowed the market to grow unchecked for years.
He also blamed prior governments for leaving advertising and taxation unregulated, which, he stated, led to billions of reais leaving the country.
According to Haddad, now that data systems are in place, the Federal Government is preparing a more robust response. “We now understand the size of the problem, and what we’re seeing is tragic,” he said.
“We’re going to bring the Federal Police into this discussion. It’s no longer just a tax issue, it’s a criminal issue too.”
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He also criticised the role of fintechs used to facilitate unauthorised bets, stating that these intermediaries are under scrutiny for suspected ties to money laundering and organised crime.
Besides that, Haddad has also reiterated that Brazil should not become dependent on betting revenue.
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