Brazil’s finance minister demands betting crackdown
Brazilian Finance Minister Fernando Haddad has openly condemned the online gambling industry, asserting that no amount of tax revenue can justify its existence.
Haddad expressed that, if it were up to him, he would eliminate the sector altogether.
He characterized the rapid rise in betting across Brazil as a “public health emergency” and criticised the prolonged lack of regulation that allowed the industry to expand without proper control.
The Minister also pointed fingers at previous administrations, accusing them of failing to regulate advertising and taxation – resulting, he said, in the outflow of billions of reais from the country.
Fernando Haddad, Brazil’s Finance Minister, mentioned:
We now understand the size of the problem, and what we’re seeing is tragic.
We’re going to bring the Federal Police into this discussion. It’s no longer just a tax issue, it’s a criminal issue too.
He also condemned the involvement of fintech companies in enabling unauthorized betting, noting that these platforms are being investigated for potential links to money laundering and organized crime.
In addition, Haddad emphasized that Brazil must avoid relying on gambling-related revenue as a source of national income.
