Brazilian authorities have declared prediction markets illegal and started blocking platforms offering such services, tightening oversight of betting-related activities.
The decision was announced during a press conference with Finance Minister Dario Durigan and Miriam Belchior, chief of staff of the presidency. It follows a resolution by the National Monetary Council (CMN), which defined permitted products in the derivatives market. Contracts tied to outcomes like sporting events, political developments, or entertainment scenarios are not considered valid underlying assets.
Belchior said the move forms part of ongoing regulatory adjustments. “Now, we are announcing that prediction markets will not be allowed in Brazil,” she said. “We do not want to expose Brazilians to risks and financial losses.”
Blocking Measures Already Underway
Brazil’s telecommunications agency Anatel has begun restricting access, blocking 28 platforms offering event-based contracts. Officials said further platforms will face the same action as they appear.
Durigan said authorities determined these services do not comply with laws governing sports betting and online gaming. He cited wagers on random events, such as weather outcomes, as examples of non-compliant offerings.
“Platforms are already being blocked to prevent uncontrolled growth and risks to the population,” he warned. “Currently, 28 have already been blocked, and others that emerge will suffer the same fate.”
Since launching a regulated online gambling market in January 2025, Brazil has blocked 39,000 unlicensed betting websites. Durigan said prediction market operators will be treated similarly. “Our goal is to curb any type of illegal betting,” he said.
Law Excludes Event-Based Betting Products
Officials stated that prediction markets fall outside the legal framework approved by Congress. Durigan said these products cannot be regulated under current legislation.
“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, said regulations were designed to govern specific forms of betting. “Betting that is not related to sporting events and online games was excluded from this regulation. Any other type of betting is prohibited,” he emphasised.
Dudena added that prediction markets had expanded while resembling traditional betting. “We began to see the growth of prediction markets, which look a lot like betting, but not as defined by law,” he said, noting that authorities sought clarification from the CMN.
Enforcement And Consumer Risks
Daniele Correa Cardoso, Secretary of Prizes and Betting, said fixed-odds betting remains legal as a regulated public service, provided operators follow established rules.
“This is illegal and has not been recognised by the Brazilian government,” she declared. “We have seen these platforms and identified that the dynamics are those of a bet, but not covered by Law 14.790, which only covers fixed-odds betting and online games.”
Consumer officials warned of risks tied to unregulated platforms, urging users to choose authorised operators. Authorities confirmed that any service outside approved rules will be blocked as enforcement continues.
Source:
“Brazil confirms prediction markets are illegal, initiates site blocking”, igamingbusiness.com, April 24, 2026
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