Brazil Blocks Polymarket and 26 Other Prediction Markets, Deems Sports and Political Contracts Gambling

Prediction markets allow users to trade contracts tied to event outcomes. Although Kalshi and Polymarket describe their products as financial derivatives, Brazil’s Secretariat of Prizes and Betting at the Finance Ministry determined that they operate like fixed-odds betting. Brazil only recently brought online gambling under regulation, requiring operators to pay a licensing fee of 30 million Brazilian reais. The government is also concerned that regulatory arbitrage could worsen household debt.

On April 24, 2026, Brazil’s Finance Ministry published a list of 27 platforms to be blocked, revising an initial count of 28. The national telecommunications regulator, Anatel, notified more than 19,000 internet service providers to block them. A day earlier, the National Monetary Council also prohibited derivatives linked to sports, politics, elections, culture and entertainment events. Authorities stressed that even paying the 30 million-real licensing fee would not legalize unlawful products.