By Brazil Stock Guide – Executives from Brazil’s largest banks warned that the country’s booming online betting market poses increasing financial and regulatory risks, calling for clearer definitions of what constitutes an illegal betting platform. The issue was discussed at the 15th Congress on Money Laundering and Terrorism Financing (PLDFT), hosted by the Brazilian Federation of Banks (Febraban) in São Paulo.
As reported by Broadcast, financial institutions said the lack of government clarity on which betting platforms are operating legally complicates compliance efforts. Alceu Del Petri Filho, executive superintendent of PLDFT at Bradesco SA (BBDC4), said illegal betting now moves more money than regulated platforms. “For us, this is a very serious issue. We must make this a strong agenda for 2026,” he said.
In March, the federal government required banks to report suspicious accounts to the Secretariat of Prizes and Betting (SPA) under the Ministry of Finance. But Vinicius Santana, director of PLD/FTP at Itaú Unibanco Holding SA (ITUB4), said uncertainty remains. “The problem is that institutions still don’t know what constitutes an illegal betting house,” he noted.
Núbia Tavares, from Banco do Brasil SA (BBAS3), added that illegal betting continues to expand amid fragmented online platforms. “The challenge is very large — identifying both the source and the ultimate beneficiary of the money,” she said.
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