Brazil’s government has restricted access to prediction market platforms like Kalshi and Polymarket after identifying them as non-compliant with federal gambling laws.
Finance Minister Dario Durigan revealed that 27 sites were blocked for offering what he described as “illegal betting.” The move followed a resolution issued by Brazil’s National Monetary Council banning prediction markets linked to elections, sports, and other events.
The resolution assigned Brazil’s securities and exchange commission, the Comissão de Valores Mobiliários, the responsibility for issuing additional rules and supervising the framework.
Durigan said that the action forms part of a wider plan to strengthen oversight of gambling activity in the country and to respond to rising household debt levels, which Brazil’s President Luiz Inacio Lula da Silva had previously linked to some extent to igaming.
