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In a dramatic turn of events, Brazilian sportsbook HanzBet has officially announced its plans to close down by July 31, 2025. The firm’s CMO and founder, Eduardo Peres, announced on Sunday, July 20, through a LinkedIn post in an effort to demystify the status of the brand as well as recent news about its future.
Internal Conflict and License Control
According to Peres, HanzBet came into the gambling sector over three years ago, working in a competitive and dynamic sector. But the new gambling regulatory system in Brazil appears to have triggered a turning point for the operations of the company.
Peres revealed that the company had previously been operating under a license handled by EA Entretenimento e Esportes LTDA. This third-party entity, which handles the financial framework of HanzBet, allegedly acted independently by announcing the closure of the platform without consulting or notifying the founding group.
Despite signed papers, the enforcement of such papers is a judicial process, which, as we all know, takes time. Meanwhile, significant damage is already being caused,” Peres declared in the open letter.
He went on to claim the founders were removed from all financial and administrative management, including the company board, without prior communication or notification.
Financial Concerns and User Impact
One of the most troubling issues surrounding the shutdown is the treatment of user funds. Peres announced that the company website put up a notice telling customers to withdraw their outstanding balances before the deadline. He noted, however, that soon enough, bank accounts were being drained, effectively starving users of their own money.
This inconsistency caused a lot of annoyance and confusion among users. Peres emphasized that the team is documenting every incident and intends to sue to protect stakeholders’ interests. “We will continue acting with responsibility, transparency, and respect for all involved“, he concluded.
A Contradictory Message on Social Media
And adding further confusion to the mix, an Instagram post from what appeared to be an official HanzBet account hinted at a comeback. The post stated that the brand is “about to come back” and promised a “new phase” that would be “more modern, more complete, and better than ever.”
This article has fueled rumors around whether a rebranded, restructured version of the platform is being built, perhaps under new leadership or management. The contrast between Peres’ formal closure notice and the positive tone of the Instagram post has us wondering about the internal coherence and future of the HanzBet brand.
Regulatory Backdrop
The news comes after the Brazilian iGaming industry’s major transformation as the industry falls under new regulations under Law 14.790/2023. With tighter controls on licensing, financial transparency, and consumer protection, operators are being regulated tightly than ever before.
The case of HanzBet solidifies the intricacies that arise when regulatory changes intersect with unresolved corporate governance matters. It further highlights the vulnerability of users and investors when financial and operational power is held by parties with conflicting agendas.
HanzBet’s future is unsure, at least in the meantime. Although the team behind it announced an official closure and is preparing for legal responses, there also exists a potential revival hinted at by social media that will have us keep guessing as to whether it will find its way back into the market or not.
Source: iGaming Brasil
