Banks in Brazil refund R$1.3 billion to players

Following the betting ban, banks and financial institutions have already begun refunding over R$1.3 billion to bettors. Until Wednesday, October 14 around 26.5 million bettors will to receive their refunds. It’s the final deadline, after which Caixa Econômica Federal will take over cases involving operational impediments. Betting companies were earlier required to submit the information on the debit balances associated with the CPF numbers and bank accounts utilized for deposits to the financial institutions by October 8, Thursday. The refund is carried out by financial institutions as per the timetable announced by the authorities. A portion of the cash is distributed in accounts with almost zero balances. The government states that 86.2 million accounts had balances ranging from R$ 0.01 to R$ 0.99, with a totaling amount of R$ 15.5 million. More accounts than bettors is observed since one person can have more than one account on different betting platforms. The Senate Joint Committee has been composed already and Tuesday, October 13 is the last day to submit amendments on the bill. Additionally, the Supreme Federal Court (STF) has also received the case with Justice Luiz Fux being the reporting justice.