Neteller & Skrill Leave Brazil's Online Gambling Industry

Published Friday, January 12, 2018 -
Neteller & Skrill Leave Brazil's Online Gambling Industry

A report commissioned by the Remote Gambling Association (RGA), the largest trade association representing the online gambling industry has released the results of the report  by consulting firm KPMG which estimates the Brazilian iGaming market, measured in Gross Gaming revenue (GGR), to be worth more than $2.1 billion (R$6.7 billion).

The Brazilian Congress and Executive branch are working towards regulated online gambling in the country which for now has prohibited all gambling. The estimated timeline for the government to actualize reforms is uncertain but as the Brazilian Senate recently revealed the results of an online poll finding that 86% of the 2,672 respondents were in favour of legalizing online gambling. Almost two-thirds of respondents commented that legalization would benefit the country, compared to only 12% that commented that it would bring negative results for the country.

The recent announcement that payment processors Neteller and Skrill said they would no longer support Brazilians making deposits to gambling services has put yet another perspective on the situation in the nation.  Neteller and Skrill, are both owned by Paysafe Group (formerly Optimal Payments) and it is obvious some form of pressure was placed on the companies involved.  Paysafe has been reducing its online gambling relationship with the governments of recent years noticing the government is becoming more restrictive in controlling the economy.

Although confusion has been the latest reaction to the news received by email notices from Neteller informing them that the firm, “will no longer process deposits by members in Brazil to gambling merchants” effective February 21. Skrill customers also received a message stating the same.

Customers will have until February 28 2018 to withdraw any funds from online gambling sites from their Neteller/Skrill accounts. The money processing firms have apologized for any inconvenience stating their customers’ accounts will otherwise be not affected.


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