Brazilian authorities have ordered 27 prediction market platforms blocked, including Kalshi and Polymarket. The move, announced Friday, follows a directive from the Ministry of Finance and enforcement by the National Telecommunications Agency (Anatel). Officials say these services fall outside Brazil’s current legal framework and therefore operate illegally.
“We have been monitoring the evolution of this sector in Brazil, which suffered a period of anarchy because there were no rules, no oversight, from 2018 to 2022,” Finance Ministry executive secretary Dario Durigan said at a press conference at the Palácio do Planalto.
The action accompanies Resolution 5.298 issued by Brazil’s National Monetary Council (CMN), which takes effect in early May and sharply limits permissible offerings on prediction platforms. Under the new rules, contracts tied to sports, politics, entertainment, or social events are banned because authorities consider them closer to gambling than financial investments. Only contracts linked to economic indicators—such as inflation, interest rates, exchange rates, or commodity prices—will remain allowed and fall under financial market oversight.
Durigan also warned that prediction markets could deepen household debt and expose users to financial harm. “At a time when we are working to reduce debt levels among families, small businesses, and students, we must also prevent new forms of harmful indebtedness,” he said.
The blocked platforms include a mix of international and Brazil-focused services. Major names listed among those affected include Kalshi, Polymarket, PredictIt, Robinhood (via its forecasting feature), and Fanatics Markets. Other platforms named are ProphetX, Hedgehog Markets, Novig, Polyswipe, PRED Exchange, Stride, and several Brazil-focused services such as Palpita, Cravei, Previsao, and MercadoPred.
A growing number of jurisdictions have recently moved to ban or restrict prediction markets, often treating them under gambling or financial regulations. Several European countries, including France, Belgium and the Netherlands, have blocked or penalized unauthorized platforms. In the United States the regulatory picture remains fragmented, with disputes between federal regulators and some states over how to treat prediction markets.
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