Brazil has blocked access to prediction market platforms including Polymarket and Kalshi, citing risks to investors and rising concerns over gambling-like activity.
Finance Minister Dario Durigan said the platforms violated betting regulations approved by Congress and lacked proper oversight, prompting the government to restrict access.
“We have advocated for stricter enforcement and very rigorous regulation, which will continue to advance, so that we can curb the negative externalities and social harm that unregulated gambling causes to the Brazilian population,”
Said Dario Durigan.
The country’s central bank, Banco Central do Brasil, also banned derivatives tied to sports, gaming, political events and other non-economic outcomes, citing risks to market integrity.
Authorities said the measures are intended to protect household income and reduce exposure to financial losses linked to speculative betting platforms.
Chief of Staff Miriam Belchior said the crackdown aims to “protect income, prevent financial losses, and reduce families' exposure to unsafe practices.”
The move reflects a wider global trend, with countries like Portugal and several U.S. states also tightening restrictions on prediction markets amid growing regulatory scrutiny.