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Brazil blocks prediction platforms, tightens rules to curb 'bet-like' products
Officials said 27 prediction market firms were shut down and only derivatives tied to economic benchmarks will remain allowed.
- On Friday, Finance Minister Dario Durigan announced Brazil blocked 27 prediction market platforms, citing breaches of betting regulations approved by Congress. Telecoms regulator Anatel executed the shutdown in Latin America's largest economy.
- The National Monetary Council defined permitted derivatives on Thursday, effectively banning assets linked to sports, online gaming, or political and social outcomes to curb 'bet-like' products circumventing law.
- Regis Dudena argued these platforms carried "the potentially very destructive features of gambling," attempting to disguise gambling as financial securities. Websites for Polymarket and Kalshi were offline by Friday afternoon.
- Authorized firms may continue trading derivatives tied strictly to economic benchmarks like interest rates and exchange rates. Presidential chief of staff Miriam Belchior stated the government aims to prevent consolidation of a new, unregulated betting market.
- President Luiz Inacio Lula's administration has increasingly regulated betting firms to address rising household indebtedness, imposing taxes and rules on entities operating without oversight in Brazil.
29 Articles
29 Articles
The Brazilian government blocked access to Polymarket and two dozen other predictive market platforms that, he said, do not comply with federal gambling laws. Finance Minister Dario Durigan reported Friday to the press in Brasilia that a total of 28 companies were blocked for offering what the government considered “illegal bets.”Durigan presented the measure as part of a broader effort to protect Brazilians' savings and address the growing leve…
Resolution of the Council was published on Friday and comes into force on May 4 of this year
“The market of predictions violates the law” that regulates fixed stakes, which only allows sports or gambling PORTAVOZ/AGENCIAS The Brazilian government announced the blocking of the market platforms of predictions with bets on politics, culture or climate, such as Polymarket, which it happens to consider “illegal” because it does not comply with the current legislation. The Ministry of Finance, Dario Durigan, reported that the telecommunicatio…
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