Company cites regulatory costs and suspends new deposits; Users have until Wednesday (13.Nov.2024) to withdraw amounts
Betway announced the closure of its operations in Brazil. The company, authorized to operate until December 2024, will suspend activities on Wednesday (13.nov). The statement was published on the betting website.
Betway has suspended deposits and advises users to withdraw their balances. The company follows other companies in the sector that closed operations in the country in 2024, such as Dafabet, Arena Esportiva, AmuletoBet and Vera&John.
The closure of operations occurs amid the regulation of sports betting in Brazil. In December 2023, the federal government sanctioned the law that regulates the sector, establishing a 12% rate on company revenue and requiring headquarters in the national territory.
Betway maintains sponsorships with West Ham and Schalke 04, as well as partnerships with Atlético de Madrid, Brighton, Eintracht Frankfurt and Arsenal.
In a statement, the company says: “Regrettably, we have decided that we will not continue to acquire the regulated license offered in the country. We will work with you to return any outstanding balances. If you have an account you would like to discuss, please contact us by email and include your username. Please see our Closing Privacy Notice, which provides information about how we will store, protect and delete your data, as well as who to contact if you need support or want to exercise your rights.”.
The new regulation requires sports betting companies to maintain headquarters and administration in Brazilian territory, in addition to proving economic and financial capacity. Companies also need to present certificates of tax and labor regularity.
