Seized Messages Reveal Vorcaro Discussed Hiding His Involvement in Bet.Bet

Daniel Vorcaro discussed in messages extracted by the Federal Police the necessity of not appearing as the ultimate beneficiary of a fund linked to Bet.Bet between September and October 2024, according to Valor Econômico. The exchanges include instructions from the then-legal director of Banco Master, Luiz Rennó, such as "vc não pode aparecer" and references to financing of "30+5"; documents later submitted to the Ministry da Fazenda named Adriano Garzon Correa as the holder of the quotas.

Messages from Vorcaro about Bet.Bet: what the exchanges reveal

The messages were extracted from Vorcaro's phone during the investigation into Banco Master, the entity that the Central Bank liquidated in November 2025. Valor Econômico published the material on September 30; everything that follows is based on Valor's account and is described as alleged, not proven in court.

References to Bet.Bet appear as early as July 2024, when Vorcaro referred to the business as "essa bet nossa" and claimed it was "faturando 5mm por dia," which Valor records as R$5 million per day (approximately $970,000). According to Valor, Vorcaro owned an 30% interest in Bet.Bet indirectly through Bet Participações, of which the Oracle FIP fund managed by Reag was a partner. The Central Bank later placed Reag into extrajudicial liquidation.

Key messages arrive following a question from the Ministry da Fazenda during the federal licensing process: who the ultimate beneficiary of the Oracle fund was. On September 27, 2024, Rennó wrote: "No fundo Oracle precisamos alterar o beneficiário final pq o Ministério da Fazenda quer saber quem ele é!". On September 30, he added: "vc não pode aparecer e teremos que informar quem é o beneficiário final!" and offered to find "alguém de confiança". On October 4, Rennó stated that the business would make "muuuito dinheiro" and reiterated, "Vc tem que sumir de lá."

"vc não pode aparecer" and "Vc tem que sumir de lá" are phrases reported by Valor Econômico in the messages from Rennó to Vorcaro.

The messages do not detail who was ultimately named nor how the change was formalized; documents submitted to the Ministry cited Adriano Garzon Correa, a customs broker from Nova Lima (Minas Gerais) and Vorcaro's partner in other companies, as the unitholder of the Oracle fund.

Financing and "30+5" in Bet.Bet: figures and proposed mechanisms

The conversations also dealt with financing instruments. On October 15, 2024, Rennó proposed to make the contribution via debêntures conversíveis and on October 28 told Vorcaro that only the transfer of funds was pending. In November, discussions arose over whether "o investidor pagaria a outorga" (the federal licensing fee) and it was mentioned to meet the rest in January.

Vorcaro asked "30mm?" and Rennó replied "30+5". Valor points out that the R$30 million corresponds to the federal authorization fee, approximately $5.8 million, but the messages do not clarify the destination of the additional R$5 million. In December, Rennó proposed raising a CCB (Cédula de Crédito Bancário) to R$21 million for capital contribution.

In February 2025, as the authorization was imminent, Rennó communicated: "Saímos da bet! Formalmente estou fazendo nossa retirada até o mês que vem! Esquece bet." The federal authorization appears in the list of the Secretary of Prizes and Bets as granted to Open Gaming S.A., under application 0103/2024, via Portaria SPA/MF 326 dated February 17, 2025, to operate the brands Bet.Bet (betpontobet.bet.br) and DonaldBet.

Ownership, sales, and corporate movements related to Bet.Bet

Open Gaming S.A. appears as the licensed enterprise in regulatory records. Yogonet noted that the company was previously Bet.Bet Soluções Tecnológicas. In April 2026, the competent body CADE authorized the sale of that structure to RNGX Holding —in an operation in which Bet Participações also participated— and RNGX is linked to Ana Gaming, which operates the brands 7K and Cassino.

In September 2025, Kleryston Pontes Silveira, an entrepreneur linked to the music sector, took full control of Bet Participações, according to Times Brasil. Reports from Folha de S.Paulo and Metrópoles in mid-September indicated that Vorcaro was not present in the shareholding composition that Bet.Bet presented to the Ministry, which included entrepreneurs linked to Pixbet and other names.

Regulatory implications: the Ministry asked and received a formal response

The sequence is relevant for the trigger: the Ministry da Fazenda's question about the ultimate beneficiary. That inquiry is the basic verification that a licensing regime must perform; in this case, according to Valor, it produced a documented response that may have concealed the actual ownership. Reports emphasize that the information came to light not due to regulatory oversight but from a bank fraud investigation.

The discussion around the source of funding turns the licensing fee into a thread to follow. If the R$30 million of the federal authorization were arranged with instruments tied to a bank founder accused of fraud, the traceability of funds will be a matter for anti-money laundering obligations and for the Federal Police, which can access banking records that a reporter cannot see.

Consequences: licenses, liabilities, and the betting prohibition

The prohibition of betting in Brazil extinguishes all licenses at the end of this month, including that of Bet.Bet, but maintains retrospective obligations: operators remain subject to anti-money laundering rules and must retain records for five years. Material concerning Vorcaro has already been cited in political debates: President Luiz Inácio Lula da Silva mentioned the banker in a rally in Recife on September 25, stating "votar na família Bolsonaro é votar no Vorcaro," according to Folha de S.Paulo.

The public balance of the case is twofold. On one hand, the conversations show that the authority asked the right question; on the other, they illustrate a mechanism to provide a formal response that may not reflect actual ownership. The investigation by the Federal Police and the Secretary of Prizes and Bets may yet close material gaps —for example, whether the R$30 million were paid and through which channels— with banking records.

What's left to resolve and next steps

Open questions include: whether the payment of the federal fee was made, the fate of the alleged additional R$5 million, how the formal withdrawal was realised in February 2025, and if the records submitted to the Ministry contain the true image of the ultimate beneficiary. The Federal Police and the Secretary of Prizes and Bets are the authorities with access to the data that may answer these points.

For readers interested in regulation and compliance, the story illustrates why designing beneficiary verification and funding transparency checks are key in a licensing regime. See the regulation section of this site for how those checks operate in other markets.