Latin America Advisor
Financial Services Advisor
A Publication of The Dialogue
Should Brazil Ban Credit Card Use in Online Gambling?
Brazil’s finance minister said in September that the government will seek to ban the use of credit cards in online gambling. // File Photo: Sincerely Media via Unsplash.com.
Brazil’s government will seek to prohibit the use of credit cards for online gambling, Finance Minister Fernando Haddad announced Sept. 17. The move is part of a broader push by the government to regulate online betting and prevent Brazilians from suffering gambling-related financial problems, which Haddad has called an “epidemic.” To what extent is barring the use of credit cards for online gambling a positive step in Brazil? How would such a move affect consumers and banks? How is online gambling in Brazil affecting consumer spending and the country’s financial services sector?
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Juliane Ferreira, head of regulatory law, and Danielle Franco, head of iGaming and public law, both at DRT Brazil: “The Brazilian Secretariat of Prizes and Betting has been investing in regulating the sports betting sector to protect users from harmful behaviors and the development of gambling addiction. One measure applied by the new regulation is the prohibition of using credit cards for online gambling, aimed at reducing the risks associated with gambling addiction. This restriction has the potential to prevent consumers from accumulating debt by ensuring they do not gamble with money they don’t have. The online betting sector is growing rapidly in Brazil, with a significant increase in participants in recent years. A recent report from the Central Bank of Brazil indicates…”
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About the Financial Services Advisor
Covering Latin America’s banking and insurance sectors, remittances trends and data, micro lending issues, new technologies in the industry, anti-money laundering regulations, and much more, the Inter-American Dialogue’s biweekly Financial Services Advisor, a sister publication of the Latin America Advisor, gives readers fresh insight and diverse viewpoints from financial sector leaders. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.
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