We’re committed to ensuring a smooth and transparent transition process for all our customers in light of the new regulatory requirements. Below is a summary of the key updates:
Regulatory Framework:
A new ordinance, SPA/MF Ordinance No. 1,857, of November 25, 2024, regulates the transfer of bettor data and funds between legal entities of the same economic group.
Your Rights as a Bettor:
- You can withdraw your funds to a registered financial or payment account at any time.
- You may authorize the transfer of your funds and data to Kaizen Gaming Brasil Ltda subject to specific conditions.
- For open bets, you can choose to cancel for a full refund or maintain the bet. Open bets where the conditions or circumstances have changed will not be eligible for cancellation.
You will be able to exercise the above rights with Betano as of January 1st. Before that date, and while we are in the transitional period, you can terminate your relationship with the current operator of Betano and withdraw your funds as indicated in our current Terms and Conditions.
Key Deadlines:
Current funds
Until March 31, 2025: You can withdraw your funds or verify your account for a smooth transfer.
Between March 31 and June 29, 2025: On 30/06/2024, If we are unable to process your withdrawal due to account verification issues, funds will be transferred to state funds (FIES and FUNCAP) as per legal requirements.
Open Bets:
Until February 28, 2025: Decide whether to cancel bets for a full refund or maintain them under the new Terms and Conditions. The following bets will not be eligible for cancellation:
- A) Open bets that are to be settled before 28/2 and have at least one selection started and
- B) Outright bets that are to be settled before 28/2 and at least one gameweek has passed since the time of placement
After February 28, 2025: Open bets will be closed, and the total amount will be transferred to your account if possible.
Conditions for Data and Fund Transfers:
The transfer of funds and data will only occur after:
- Publication of Kaizen Gaming Brasil LTDA’s license.
- Approval of the migration process by the Prizes and Bets Secretariat of the Ministry of Finance.
- Your prior authorization to the migration via the acceptance of the revised Terms and Conditions.
- And complete satisfaction of all set of controls that refer to your identification and verification. You can review them under Q: What are the steps I need to take to ensure my account remains active in January 2025?
Entities Eligible for Transfer:
- Only authorized entities and especially approved by SPA to that end, that fulfill all legal and regulatory requirements, can execute data and fund transfers. Unauthorized entities must refund or handle bets directly with customers.
We are committed to keeping you informed every step of the way and ensuring compliance with all regulatory requirements for your peace of mind.