Brazil's Secretariat for Prizes and Betting (SPA), the new regulator , has published a regulation on permitted payments ahead of the launch of the regulated sports betting market . The regulation states that transactions for deposits, withdrawals and prize payouts in the regulated market will be allowed only electronically in the form of Pix, electronic transfers (TED), debit and prepaid cards and standard bank transfers authorized by the Central Bank (BACEN).

Licensed operators are prohibited from accepting payments from credit cards, cash, cashier's checks, checks or virtual assets, including cryptocurrencies. The regulation also clarifies that payment providers must be registered and accredited by BACEN. 

Winnings must be paid out to customers within 120 minutes from the end of the sporting event or virtual game. Players in Brazil had a particularly strong expectation of instant payouts, likely driven by the same cultural preferences that helped popularize Pix. The speed at which players expect to receive winnings can significantly impact their loyalty and satisfaction with the gaming platform. 

In addition, the ruling recalls the prohibition of sign-up incentives, including bonuses and free bets, under Brazilian sports betting legislation signed by President Luiz Inacio da Silva in December.

Pix value for Brazil

As Andrea Giuliani, Brazil specialist at WA.Technology, told SiGMA News, one of the main factors for iGaming operators looking to establish a presence in Brazil is the widespread adoption of Pix. 

Created by the Central Bank of Brazil, Pix revolutionizes payments by allowing transactions to be completed in seconds and operating 24 hours a day, including holidays. Unlike traditional methods, which are limited by banking hours and can take more than a day, Pix works seamlessly across a variety of financial institutions. Pix now accounts for more than 90% of payment transactions among iGaming customers in Brazil. The platform processes 28.5 billion transactions per year, positioning Brazil as a global leader in instant payments. 

The trend was significant for operators, with an expert predicting that the Brazilian government would designate Pix as the only approved payment method for sports betting and iGaming to strengthen responsible gambling efforts.

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