Brazil issues temporary measures to ban online gambling, with license fees of $492 million non refundable

Brazil has issued Temporary Measure No. 1394, which immediately prohibits the operation, promotion, and advertising of fixed odds sports betting and online casinos. Overseas platforms serving Brazilian users are also included in the ban. New deposits are immediately prohibited, and users must withdraw their balance before 23:59 on October 5th. The licensed website and application will be closed at midnight on October 6th. Unsettled bets will be invalidated and fully refunded, and the operator must transfer the balance to the user's bank account within two days. The Brazilian government has issued licenses to 85 operators, with a fee of $5.8 million per license, totaling $492 million. The license will expire on October 25th, and the operator has no right to receive refunds or compensation. The supporting bill intends to make it a crime to handle gambling payments through virtual assets. (Source: Bitcoin.com News)