While legislation moves forward, Pix gets stuck: Whats fuelling tension in the betting market
The week marking the start of June was particularly symbolic for those closely following the consolidation of Brazils betting market. In Braslia, Congress moved forward with a new chapter in regulation, while behind the scenes of the financial sector, an old obstacle resurfaced: banking restrictions on Pix transactions with operators even those operating within the bounds of legality.
The main legislative development was the approval of Bill 2,985/2023 by the Chamber of Deputies. The bill, which now moves on to the Senate, reinforces guidelines focused on responsible advertising, the protection of vulnerable groups, and alignment with international self-regulation practices. Key points include mandatory warning messages about the risks of gambling, a ban on using influencers with strong appeal among minors, and the establishment of stricter parameters for advertising campaigns.
This legislative progress reinforces a perception widely discussed during BiS SiGMA South America: Brazil has entered a new phase, where the question is no longer whether gambling should be regulated, but how to communicate gambling ethically protecting the public without criminalising entertainment. The panel that brought together representatives from Conar, advertising agencies and operators made it clear that the future of the sectors reputation depends directly on how it communicates and the bill moves precisely in that direction.
During the panel, speaker Juliana Albuquerque, Executive Vice President of Conar, stated: Advertising is very dynamic. Weve seen many non-compliance cases in the media and on social networks, so we really need everyones engagement and participation to ensure this large segment can move forward in a sustainable and responsible way.
But while the legislative branch signals maturity, the financial system still shows resistance. In recent days, reports have surfaced that Bradesco has been blocking or restricting Pix transactions with betting operators even those complying with current legislation. This raises important questions: what legal basis supports such blocks? Is there any formal stance from the Central Bank on the matter? And more importantly: who loses when the banking system shuts its doors to companies willing to operate transparently?
The criticism of instability in payment methods was also one of the most discussed issues at the event. In one of the most technical panels at BiS, regulatory and compliance experts warned: there can be no regulated market without a functional financial infrastructure. Fintechs, payment institutions, and even operator representatives highlighted that traditional banks continue to act on outdated perceptions, often ignoring the legal transformation underway in the country.
Its no longer just about convenience its a matter of legal certainty and consumer protection. A transaction blocked without justification directly affects the average bettor, who, faced with instability, may end up turning to alternatives in the unregulated market. Regulation is supposed to offer the opposite: stability, traceability and trust.
Meanwhile, the much-discussed Parliamentary Inquiry Commission (CPI) on Sports Betting remains at a standstill. So far, the commission has focused almost exclusively on the Lucas Paquet case, without advancing on structural issues such as the oversight of illegal operators, regulation of payment methods, or the economic impacts of the new legislation. The contrast is stark: while the market organises, gathers, debates, and proposes solutions, part of the political class still behaves as though its dealing with an unstructured sector which no longer reflects reality.
BiS SiGMA South America, which brought together more than 10,000 industry professionals, was perhaps the most accurate portrait of the current moment. The sector is willing to do its part but needs a minimally stable environment to thrive. Regulation is indeed progressing, but it still faces technical, institutional, and cultural resistance that can no longer be ignored.
Brazil is halfway there: it has decided to regulate, has begun implementing rules, but still faces internal obstacles – such as the recent issue with Pix transactions – that hinder its own progress. The environment is no longer one of a disorganised industry trying to carve out a space it is one of a market being built with seriousness and now needing to be taken seriously by all its stakeholders.
