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How an Operator Shuts Down in Brazil: What Happens in the Market’s Final Weeks

On September 25, 2026, Brazilian President Lula signed Medida Provisória 1.394/2026, and the licensed fixed-odds betting market, which had opened in January 2025, was given 30 days to shut down. The websites went offline on October 6; banks returned the remaining balances in players’ accounts between October 9 and 14; and on October 25 — the day of the second round of the election — the operators’ licenses expired.…