Brazilian Senator Damares Alves strongly criticized Caixa Econômica Federal's decision to launch its own online betting platform, arguing the move undermines the bank's social purpose and exposes vulnerable citizens to the dangers of gambling addiction.
Speaking on the Senate floor, Alves described the plan as "one of the greatest moral and social setbacks in recent national history," warning that it contradicts Caixa's mission as a public institution founded to promote housing, inclusion and social development in the country.
"The decision to create its own betting platform represents a contradictory, dangerous and profoundly irresponsible move," she said. "Caixa was created to serve social progress, not to exploit people's vulnerability or dependence."
According to the senator, the creation of Caixa's own platform conflicts with the Federal Government's stated goal of reducing the harmful effects of online gambling.
She said the association of betting with one of Brazil's most trusted financial institutions risks legitimizing a practice already linked to debt, family breakdown and mental health problems.
"The same Government that said it wanted to control the damage now becomes the very agent of exploitation, turning a public bank, a national symbol of trust, into an official betting house," Alves argued, saying the good image of the institution is being used as a way to deceive people.
"Those who once distrusted bets will now believe in them because they're being offered by Caixa, a respected institution. It's a tragedy waiting to happen."
Her comments come as Caixa prepares to enter Brazil's regulated betting market, with plans to operate under three brands authorized by the Ministry of Finance.
Earlier this year, Brazil's Ministry of Finance authorized Caixa Loterias to operate fixed-odds betting under the brands Loto+, Aposta+ and Loterias Caixa
