Brazil Bans Prediction Markets, Anatel Blocks 28 Platforms

(AsiaGameHub) –   Brazil has officially declared prediction markets unlawful, closing off access for operators like Polymarket in Latin America’s largest market. The announcement followed the National Monetary Council’s approval of a resolution that restricts which products qualify as derivatives.

Good to Know

• Brazil stated that prediction markets cannot operate under derivatives regulations.
• Anatel has already blocked 28 platforms offering event contracts.
• The government notes that Law 14.790 only covers fixed odds betting and online games.

Brazil Affirms Event Contracts Lie Outside Legal Betting Guidelines

Brazilian Finance Minister Dario Durigan and Miriam Belchior, Chief of Staff for the Presidency, announced the decision on Friday. The National Monetary Council’s resolution specifies that sports events, virtual gaming events, political outcomes, elections, social events, cultural activities, entertainment events, and similar results cannot serve as underlying assets for derivatives contracts.

This decision prevents prediction market operators from using financial market terminology to offer event contracts in Brazil. Instead, officials say these products resemble betting but fall outside the legal framework established for fixed odds betting and online gaming.

Belchior said:

“Now, we are announcing that prediction markets will not be allowed in Brazil. We do not want to expose Brazilians to risks and financial losses.”

Enforcement actions have already begun. Anatel, Brazil’s national telecommunications agency, has blocked 28 prediction market platforms and plans to block new operators attempting to enter the country.

Durigan noted that the same approach used against illegal betting sites will apply here. Since the regulated online gambling market launched in January 2025, Brazil has blocked 39,000 unlicensed betting sites. He said the goal is to stop all illegal betting offerings, including products based on weather, politics, or other real-world events.

He said:

“The product offered by these platforms is not eligible for regulation. The blocking action is due to non-compliance with the legislation. This market is not provided for in the legislation, and it will not be permitted for anyone to bet on whether it will rain tomorrow or not.”

Regis Dudena, Secretary of Economic Reforms, explained that Brazil’s betting rules were designed to organize a specific activity, not every type of event wager. He added that betting outside sports and online games remains prohibited.

Daniele Correa Cardoso, Secretary of Prizes and Betting, stated that authorized fixed odds betting platforms must follow existing public service rules. She added that prediction markets entered Brazil as bets disguised as derivatives, a model the government has not recognized.

This decision adds another layer to Brazil’s betting regulation following the 2025 launch of the legal online market. It also gives regulators a clearer basis to act against event contract platforms before they build scale among Brazilian users.