Brazilian Banks Refund R$1.3 Billion to Bettors

Banks and financial institutions in Brazil have begun returning more than R$1.3 billion to bettors following the country’s betting ban, with 14 October set as the final deadline for processing refunds.

By Wednesday, 14 October, approximately 26.5 million bettors are expected to receive their money back. After the deadline, Caixa Econômica Federal will handle cases in which operational difficulties prevent refunds from being completed.

Betting companies had been required to provide financial institutions with information about debit balances linked to bettors’ CPF identification numbers and the bank accounts used to make deposits. The deadline for submitting these details was Thursday, 8 October.

Refunds are being processed by financial institutions according to the schedule established by the authorities.

Some accounts contain only minimal remaining balances. According to the government, 86.2 million accounts held between R0.01andR0.99, representing a combined total of R$15.5 million. The number of accounts exceeds the number of bettors because individuals may hold accounts with multiple betting platforms.

Meanwhile, a joint committee of the Senate has been established, with Tuesday, 13 October, marking the final day for submitting amendments to the bill.

The case has also reached Brazil’s Supreme Federal Court (STF), where Justice Luiz Fux has been appointed as the reporting justice.