Pay4Fun closes ~500 illegal betting accounts in Brazil
Almost 500 bank and fintech accounts belonging to individuals and legal entities were closed in Brazil due to suspicions of involvement in the illegal betting market, according to data obtained by Pay4Fun through the Access to Information Law (LAI) from the Ministry of Finance.
In total, 483 accounts were blocked, an unprecedented figure that reflects progress in monitoring mechanisms and combating transactions associated with unregulated gaming platforms.
According to the information collected, the accounts were canceled after detecting atypical movements and signs of money laundering linked to sites operating outside the rules of the Central Bank and the current betting legislation in the country.
Specialized institutions estimate that illegal sites still represent more than half of the Brazilian market.
The measure follows the guidelines of the Secretariat of Prizes and Betting
The closure of these accounts aligns with the guidelines of the Secretariat of Prizes and Betting (SPA-MF). In March, the agency instructed banks and fintechs to suspend any type of service to clients receiving funds from illegal bets.
The regulation also defines how financial institutions should cooperate with the government, including immediate communication of suspicious operations and blocking of irregular transactions.
For Leonardo Baptista, CEO and co-founder of Pay4Fun, cooperation between regulators and financial entities is essential to curb the growth of the illegal market.
“The closure of these accounts demonstrates that payment methods are pillars of the regulated ecosystem. Without access to the financial system, illegal operations become unsustainable,” said the executive.
How to identify an illegal site
Baptista recalled that one of the main indicators of illegality is the site’s domain.
Since January 2025, only platforms with the “.bet.br” domain are authorized to operate in Brazil.
Sites with international domains, prohibited payment methods, lack of identity verification, or marketing campaigns promising guaranteed winnings are clear signs of irregular activities, he warned.
Tags: Brazil, illegal casinos, online casino closures, blocking illegal betting accounts