The president of the Brazilian Federation of Banks (Febraban), Isaac Sidney, advocated for the acceleration of the prohibition of credit cards for the payment of electronic and sports betting. For him, "its use is already affecting family consumption and increasing default rates".
At an event with journalists, he asked the government to ban the payment method on betting sites to prevent compromising the income of account holders and increasing default rates.
Recently, the government of Luiz Inácio Lula da Silva banned the use of credit cards in fixed-odds betting, which includes sports betting (the so-called bets) and online games, starting next year.
“I personally understand – and this is a personal position – that the government should use all legal means to immediately prohibit the use of credit cards for gaming. The prohibition made is still not being observed. The card is a fundamental product and its use for betting is already affecting family consumption and increasing default rates”, Sidney pointed out.
Personal opinion
Through a note, Febraban emphasized that this is Sidney's personal opinion and that, despite being the president of the entity, he does not speak on behalf of the federation, nor of the associated banks.
In April, the Ministry of Finance defined that electronic bets can only be paid by Pix, transfer, or debit. However, the restriction will only come into effect in January, when the new regulation of bets, as the betting companies are called, will be valid.
Sidney added that he had discussed the issue with President Luiz Inácio Lula da Silva and also with the Minister of Finance, Fernando Haddad. According to him, Febraban is analyzing the impact of bets on the over-indebtedness of families. The increase in sports betting, he added, could be reflected in higher interest rates on credit grants due to the increase in default rates.
Source: Agência Brasil
