There is a rise in the use of specialized payment methods in online gambling due to the industry’s growing popularity. Boleto is just one example of a service that has sprung up to meet the needs of a wide range of customers. This convenient payment option is aimed at facilitating gambling in Brazil.
In order to help you find the best Boleto gambling site, we have compiled a list of our top picks. Check out the site reviews for the ones that catch your eye, or just go ahead and sign up and claim your welcome bonuses.
What is a Boleto?
More and more options have emerged in recent years to accommodate the unbanked and cash-only merchants as the payments industry rapidly develops. The Brazilian market features a number of such payment options, including Boleto.
Using Boleto to gamble online is very similar to using cash in a brick-and-mortar casino or betting shop, with the exception that a Boleto transfer must take place between the two parties involved. You can use your Boleto voucher to make purchases at Brazilian banks, participating stores, and through online and mobile banking in Brazil after making a cash purchase. If you’re feeling a little overwhelmed right now, have no fear; we’ll be explaining everything in detail down the road.
The Boleto payment system is utilised by virtually every financial institution, government agency, and business in Brazil.
Pros and Cons of Using Boleto
Pros
- If you’re Brazilian, you probably already know that Boleto is completely legit and deeply ingrained in the country’s cultural fabric.
- Since you will never be required to provide your financial information to a gambling site, the possibility of having your information stolen is completely removed.
- Those without access to traditional payment mechanisms, such as bank accounts or credit cards, can still use it. On-the-spot cash purchases are possible at Boleto locations.
- It’s convenient to use and spend Boleto in Brazil because it’s widely accepted and there are outlets literally everywhere Pros
Cons
- If the online casino is based in a country other than Brazil and doesn’t accept BRL deposits directly, you may have to pay a fee to have your money converted to the local currency.
- Not exactly the quickest payment method, Boleto can take up to three business days to settle transactions.
- Using Boleto to make a withdrawal is currently impossible. A bank transfer or other acceptable alternative is required.
- Only Brazilians can buy it. You’re out of luck if you’re located in another country.
The Boleto Registration Process Explained
Boleto is available at all Brazilian financial institutions, post offices, and lottery retailers. All you need is your CPF number to use Boleto at any legal online casino in Brazil.
Using Boleto, you can send and receive money without creating a separate account. In contrast to using an online e-wallet, you won’t need to remember any additional passwords or provide any additional information to a third party.
Boleto gambling sites aren’t completely anonymous, but by requiring your tax registry numbers, you eliminate one of the biggest risks of online gambling: having your financial information stolen by rogue sites or hackers.
Next, we’ll show you exactly how to deposit and withdraw money from Boleto at your favourite virtual gaming venues, whether they be casinos, sportsbooks, or poker rooms.
How to Deposit Using Boleto
(1) Navigate to the Cashier Section of the Gambling Site
A new gambler should look in the “Cashier” or “Banking” section of the gambling site to find the Boleto Bancario option for making deposits and withdrawals. Depending on the site, you may need to click the “Deposits” button to see the available payment methods.
(2) Pick Boleto Bancario under “Payment Options.”
There will be several deposit methods available to you. Boleto should be your option of choice. As the screenshot to the right demonstrates, the logo is actually a barcode, which might come as a surprise to first-time users. It’s impossible to miss.
(3) Enter the Amount You Want to Deposit
It’s time to put some money in the bank. Keep in mind that even if the gambling site doesn’t accept BRL, you’ll still need to pay in BRL. If you want to gamble on sites that don’t accept BRL, you may have to pay exchange fees.
(4) Enter Your Taxpayer Registry Number (CPF)
Boleto requires your CPF number whenever you make a deposit. This is true regardless of whether or not you plan on using it for online gambling.
(5) Make the Payment Either Online or in Person
After your purchase is complete, you can pay electronically or print your Boleto voucher to pay at a local bank, post office, or lotto agent.
If you don’t have access to a printer, you can use the downloadable PDF version instead. You’ll be fine so long as the barcode and serial number can be read.
You can pay by scanning the barcode or entering the serial number into your mobile banking app. When this occurs, your available funds will be subtracted mechanically.
That settles the matter, period. It’s important to remember that Boleto can be sluggish at times. There could be a delay of several days if you try to gamble on a foreign-hosted site. When you withdraw money, the same rule will apply.
How to Withdraw Using Boleto
Boleto cannot be used for withdrawals at online gambling establishments. It’s all one way – you can use it to fund your account, but you’ll have to use another withdrawal method such as a bank transfer.
Make sure to inform yourself about any fees you may incur by checking out some of our other online gambling payment method reviews.
Alternative Banking Systems to Boleto
There’s nothing quite like Boleto since it’s a Brazilian-centric national treasure. While printable vouchers are the most obvious example, there are other payment methods that operate on a similar principle. Among these are:
Countries That Accept Boleto
Boleto can only be used by Brazilians. It is somewhat of a national payment method and is regulated by FEBRABAN – The Brazilian Federation of Banks. You can’t use Boleto from any other country.
History and Facts about Boleto
Even though this mode of payment is intrinsic to daily life in Brazil, we were unable to unearth any information about its origins. Instead, the following information about Boleto Bancario was uncovered.
- The Brazilian government’s Central Bank has overseen Boleto since its inception in 1993.
- In Brazil, Boleto accounts for 15% of all electronic payments. Since 35% of Brazilians don’t have a bank account and more and more of them are coming online every day, it’s only natural that the phenomenon would grow even larger.
- At the present moment, Boleto handles over 25% of all online payments in Brazil. When you think about it, the fact that Boleto handles one in four online payments is mind-boggling. Every year, there are 3.7 billion Boleto transactions.
- You have 10 days from the time of your Boleto purchase to make full payment before the purchase is null and void. That’s a tonne of time to figure out a solution and pay off your debts.
- PagBrasil provides two services, Boleto Flash and Boleto Express, to facilitate the instantaneous processing of Boleto transactions. Using these services, you can receive confirmations within two business hours on weekdays.
- To combat fraud and make the payment network safer and more secure for everyone, all Boletos became registered in 2017.
Boleto now offers services at roughly 48,000 POS terminals across Brazil.
