Brazil orders betting platforms offline as R$1.33bn is due back to users
Brazil’s betting platforms were required to go offline from 6 October under a provisional measure, with users holding R$1.33bn on the platforms as of mid-afternoon on 5 October. Companies must report remaining balances to banks on 7 and 8 October, and financial institutions are to return funds from 9 to 14 October; unreimbursed funds are to go to Caixa Econômica Federal from 14 October.
Operators and payment institutions face deadlines to process the shutdown and return users’ outstanding balances.