Banco do Brasil Casinos

Banco do Brasil (which, if you haven’t worked it out already means ‘Bank of Brazil’) is the most popular, longest-established and most trusted financial institution in Brazil. It is a national bank that’s majority-owned by the government of the country.

Most people in Brazil who have banking facilities will have a Banco do Brasil account as Brazil is a country with a population of over 200 million people, making for a lot of bank accounts, and a lot of money! It is not surprising then that Banco do Brasil has total assets of over $400 billion.

Brazil has a slightly backwards attitude to gambling, and its gambling laws have not changed since the 1940s. All forms of gambling aside from lotto games and poker are technically illegal in the country. However, gambling does occur in this country (especially sports betting), and it is largely unregulated. If you gamble online in Brazil, then it is done so at your own risk. However, if your gambling is not linked to any criminal activity (such as money-laundering) then generally it is unlikely that you will be prosecuted.

A Brief History of Banco do Brasil

The Banco do Brasil was established as long ago as 1808 by the then Prince John who became King John VI of Portugal. At the time Brazil was owned by Portugal and remained so until independence in 1821 at which time the bank suffered bankruptcy as King John VI left Brazil for his native realm.

For a time the Banco do Brasil served as Brazil’s national bank, but that ceased in 1964 when the Brazilian government created the Central Bank of Brazil. The separation was completed in 1987 since when the bank has been run as a commercial bank by the government and its partners.

As well as being the number one bank in Brazil for residents and Brazilian companies, Banco do Brasil runs operations in countries all around the world, including Argentina, the United Kingdom, the United States, Spain, Italy and France.

Banco do Brasil – Pros and Cons

Pros

• Easy to use – you probably already have a Banco do Brasil account if you reside in Brazil.
• Easy to set up an account if you don’t have one.
• There should be no fees to contend with.

Cons

• Not many online casinos will accept Banco do Brasil payments.

How to use Banco do Brasil at Online Casinos?

Naturally, you will need a Banco do Brasil account to use this payment method at a trusted online casino of your choice. If you are in Brazil, you probably already have a Banco do Brasil account, and if not, it is straightforward to open one. You can visit any of the many Banco do Brasil branches available in the country, or you can – if you are allowed to – open an account online. Of course, you can use the full range of Banco do Brasil facilities online, including the Banco do Brasil online app for phones and tablets.

As part of your, Banco do Brasil account you should be presented with a Visa card. If not, then you can request one. When you want to make a payment to an online casino, you use the Visa card you have issued. Go to the cashier and choose Visa as your payment method. Enter the amount you wish to deposit and your card number. You will also need to complete further identity checks. Once everything has been deemed okay, your money will be transferred. You should not be charged any fees for making deposits via Banco do Brasil at online casinos.

Withdrawals should be easy to process via Banco do Brasil at online casinos – it is simply a matter of reversing the deposit process. Enter the amount you want to withdraw at the casino’s cashier. In all probability, you will have needed to have deposited your Banco do Brasil Visa card before you can withdraw.

There should be no fees to pay when you make a withdrawal this way, and your money should be with you within three days. If your online casino makes charges for withdrawals, or if it takes longer than five days to process your withdrawal, then you probably need to search for a new online casino.

Great care should be taken when you choose an online casino to use your Banco do Brasilia account. This is because Brazil is an unregulated market meaning that unscrupulous casinos may seek customers from Brazil to cheat them. Choose a casino with a licence (never wager at an unlicensed casino) and do not deposit large amounts of money into your casino account, to be safe.

Conclusion

Like many jurisdictions throughout the world, the legal status of all forms of online gambling in Brazil is cloudy. Gambling is prevalent throughout the country (mainly sports-betting powered by the Brazilians’ excessive love of football), yet Brazil’s gambling laws have remained unchanged basically for eighty years.

Unless any gambling is linked to some other illegal activity, it is not likely for someone to be prosecuted for gambling in Brazil. Using your Banco do Brasil account to fund wagering is a simple process. Remember, though – always gamble responsibly!