After the voluntary withdrawal period ended, 1.325 billion reais remained in users’ accounts on Brazilian betting platforms. The Finance Ministry says the money is held by 26.5 million bettors and will now be returned through banks.
Brazil’s Finance Ministry said on Tuesday that 1.325 billion reais remained in customer accounts on betting platforms. The deadline for bettors to request a voluntary withdrawal ended at 11:59 p.m. on October 5. The ministry said 26.5 million users still had funds on the platforms.
The total was down 5 million reais from the ministry’s previous update: by Monday afternoon, the amount awaiting return had been 1.330 billion reais. The ministry said the large number of accounts with very small balances may have affected the pace of withdrawals. Some 86.2 million accounts held between 0.01 and 0.99 real each, adding up to 15.5 million reais.
The return process is now moving to the next stage. Under the Finance Ministry’s schedule, betting websites and apps are to become unavailable from October 6. On October 6 and 7, companies must send financial institutions details of each customer’s remaining balance, identified by CPF, as well as the bank account from which the deposits came.
Banks are to return the funds from October 9 through 14. From October 14, Caixa Econômica Federal will act as an intermediary if operational problems prevent banks from completing a repayment. The voluntary withdrawal window has closed, but the ministry’s timetable provides for further return of the remaining balances.