Brazil has enacted a sweeping ban on prediction markets and betting platforms, including the leading platforms Polymarket and Kalshi, according to local media and government filings. The Banco Central do Brasil issued a resolution citing non-compliance with local derivatives trading regulations and risks to investor protections and market integrity. Finance Minister Dario Durigan stated that some 28 platforms were banned in total as part of a broader governmental effort to protect Brazilian savings amid a rise in online gambling.
Regulatory Basis for the Ban
In a resolution published by the Banco Central do Brasil, the central bank prohibited “the offering and trading in the country of derivative contracts whose underlying assets are related to: a real sporting event, virtual online gaming event and a real or virtual event of a political, electoral, social, cultural, entertainment, or any other nature that, at the discretion of the Securities and Exchange Commission, is not representative of an economic or financial benchmark.”
The platforms were determined to be non-compliant with local regulations on derivatives trading, raising concerns about investor protections and market integrity.
Global Restrictions on Polymarket
Polymarket is already blocked by over 30 countries around the world, according to its documentation, including OFAC restrictions and national bans. In January 2026, Portugal moved to restrict the platform, following similar moves by France, Belgium, Australia, the UK, Italy, Poland, and Singapore, among others. In some countries, only specific markets are banned, such as political betting in Taiwan.
U.S. Regulatory Contrast
The United States historically prevented for-profit prediction markets until Kalshi successfully sued the Commodity Futures Trading Commission for blocking its election markets in 2024, opening the way for platforms like Polymarket to reenter the country. Today, the CFTC takes a permissive view of prediction markets and is currently suing several states that are looking to ban the sector.
As of Friday, Wisconsin is the most recent state to lodge a lawsuit against Kalshi, Robinhood, Coinbase, Polymarket, and Crypto.com, alleging their sports event contracts violate the state’s commercial gambling ban.
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