As reported by Ana Maria Menezes for SBC Noticias Brasil, the decision was taken by Brazil’s state bank Caixa Econômica Federal to avoid friction with President Lula’s cabinet.
Carlos Vieira, President of Caixa, first announced on 16 October that the bank intended to launch the betting platform “at the end of November”. The plan was for it to be fully operational by 2026 and generate a projected R$2.5bn (£356m).
This, however, attracted criticism from the Secretariat of Social Communication (SECOM) under Lula’s mandate, which advised the bank to prioritise contributing to social initiatives, such as housing reforms that would further raise $40bn, SBC Noticias Brasil reported. This is a given in the context that Brazil will hold its general elections next year.
After Caixa’s announcement, it is understood that Lula organised a meeting with Vieira to discuss the matter in person. The meeting followed stark criticism against Bet da Caixa, including from Senator Damares Alves (Republicans-DF).
“They took the bet, which shows that it is bad for health and destroys families, to put in Caixa, because Caixa has a good image,” he was quoted by SBC Noticias Brasil.
The National Federation of Caixa Personnel Associations (FENAE) also condemned the plans, with the President of the organisation, Sergio Takemoto, calling the launch of the sports betting platform a “worrying deviation of the bank’s social mission”.
SBC Noticias Brasil further highlighted that a report commissioned by market analysis firm Ativaweb between 23 October and 25 October revealed that 81.4% of all 891 000 surveyed people were also against the launch.
On a separate note, Brazil is currently in the process of debating a potential gambling tax increase from 12% to 24%. Political mismatch, however, has postponed the definitive talks for next week.
Dingnews.com 07/11/2025