Brazilian officials announced the blocking of 28 online prediction market platforms Friday in Brasilia, naming Polymarket and Kalshi among the services affected, Finance Minister Dario Durigan said at a press briefing.
Durigan told reporters the platforms do not comply with betting legislation recently approved by the Brazilian Congress. He said prediction markets are neither legal nor regulated in Brazil, and the decision to block access reflects that legal posture.
The minister framed the move as part of a broader government effort to shield household savings and support fiscal goals. "The blocking aims to protect peoples savings amid government efforts to reduce Brazilian debt levels," Durigan said, underscoring the administrations concern about public indebtedness.
Durigan also conveyed the president's personal concern. He said President Luiz In cio Lula da Silva is particularly worried about individuals who are in debt and who might be drawn into gambling through prediction markets.
The Finance Ministry published a complete list of the platforms subject to the block on Friday, the minister added. Officials indicated the action could be followed by further steps: the government may adopt additional measures to regulate the betting market in Brazil, according to Durigan.
Chief of Staff Miriam Belchior described the intervention as aimed at protecting household income, preventing financial losses and reducing families' exposure to what she characterized as unsafe practices. Her comments echoed the ministrys stated consumer-protection rationale.
Durigan reiterated the government's position favoring stricter oversight of prediction markets. Beyond the immediate blocking order, he said the administration has advocated for more rigorous regulation of that segment of the online betting market.
Summary
Brazilian authorities blocked 28 prediction market platforms, including Polymarket and Kalshi, citing noncompliance with betting rules approved by Congress. Officials emphasized consumer protection and signaled potential additional regulatory measures.
Key points
- Brazil blocked 28 prediction market platforms, with Polymarket and Kalshi explicitly named.
- Officials say the platforms do not comply with betting regulations approved by Congress and are not legal or regulated in Brazil.
- The government cited protection of savings and reduction of financial risk for indebted households as primary motivations; further regulatory action may follow.
Risks and uncertainties
- Possible additional measures - The government said it may take further steps to regulate the betting market, creating uncertainty about the future legal framework for prediction platforms.
- Household financial exposure - Officials cited the risk that indebted individuals could suffer financial losses by engaging with prediction markets.
- Regulatory compliance - Platforms named as noncompliant face blocked access in Brazil, leaving unresolved how operators will respond or whether remedies will be offered.