The Central Bank (BC) responded to concerns about its study which found that .Bolsa Família beneficiaries had sent R$3 billion via Pix to sports betting sites.
The response, released by Folha de São Paulo through the Access to Information Law (LAI), did not rule out possible errors in the survey’s conclusions.
Central Bank sees possible flaws in study
The repercussion of the study was significant, generating reactions even within the government of President Luiz Inácio Lula da Silva (PT). The government is currently focusing on regulating the betting sector, which makes the debate even more relevant.
Thus, the BC’s statements drew attention, especially when the institution admitted not having prepared supporting documents for the technical note presented on September 24th.
Despite the controversies, the BC denied access to the information that would support the report’s conclusions, claiming that this data is “covered by secrecy or confidentiality rules”.
According to Folha’s findings, the analysis carried out by the BC did not consider important parameters, such as the prizes returned to bettors. Another survey estimates that Bolsa Família beneficiaries would have actually spent R$210 million on bets in the month of August.
Therefore, the difference to the numbers presented by the BC is significant. In August, R$21.1 billion in bets via Pix were identified, with R$20.8 billion transferred to 56 companies. This list of companies emerged from data from open sources, such as news reports and consultancy reports.
Even so, the technical note clarifies that the financial turnover of the main companies in the betting sector is relatively low. Furthermore, the Central Bank stated that the categorization of companies also considered payment intermediaries, which raises new questions about the accuracy of the data.
Central Bank says companies keep 15% of bets
The monetary authority made it clear that “there is no guarantee that identification is not subject to failure.” This raises concerns about the reliability of the conclusions presented.
The BC added that, as they are financial intermediaries, identifying the final beneficiary of transactions can be complicated, which results in uncertainty about the list of companies involved.
In a technical note sent to the Senate, the Central Bank reported that “approximately 15% of what is bet is retained by companies”, although it did not disclose information about the amounts paid in prizes. This percentage generated controversy with sector executives, who disputed the data presented.
Increased control by the Government
The situation led President Lula to call an emergency meeting at the Palácio do Planalto with ministers such as Fernando Haddad and Wellington Dias, Minister of Social Development. The government discussed monitoring the announced measures and their impacts on the market.
Minister Wellington Dias recently declared that the Bolsa Família card should not be used on online betting sites. In other words, the pressure for more control over betting, driven by banks and retailers, is growing in the face of concerns about family debt.
Therefore, to address these concerns, the Attorney General’s Office (AGU) asked the Ministry of Development for a technical note to contest the Central Bank’s conclusions. The note argued that spending on betting did not negatively affect retail or the financial health of the population.
The lack of clarity and the lack of attribution of authorship in the BC study have generated discomfort in the government and discontent in the sector. Then, the Central Bank made only limited information available about its methodology, following a request for an appeal via LAI.
According to the information released, the study was based on:
- In data from the Pix payment base
- In information on Bolsa Família beneficiaries dated December 2023
Finally, the Central Bank emphasized that no individualized data was extracted that would allow for a more detailed analysis of the beneficiaries’ profile.
