Brazil’s Ministry of Finance says prediction markets are illegal gambling and will be dealt with accordingly
The government of Brazil is stepping up its efforts to prevent illegal gambling with an order to block access to prediction market platforms.
The measure announced on Friday sees the national telecommunications agency Anatel block access to prediction market platforms using the same process that is used to combat unlicensed online gambling in Brazil.
“This measure seeks to protect income, avoid financial losses for people and reduce the exposure of families to unsafe practices,” said Miriam Belchior, chief of staff to President Luiz Inácio Lula da Silva.
“Although they are often marketed as investment opportunities or agreements between users, these platforms operate on the margins of the financial system. In practice, they are used to circumvent legislation. The measure aligns Brazil with the best international practices.”
Belchior added that more than 50 countries have already restricted or banned prediction markets because they function as unauthorized gambling, including France, Germany, Colombia, Argentina and Italy.
A similar battle is currently playing out across the United States, where state agencies are suing to prevent prediction markets platforms from offering what they deem to be unlicensed gambling to customers within their states.
Brazil’s Ministry of Finance said on Friday that it has sent Anatel a list of 28 companies that are accused of providing event contracts in Brazil without a local license, with access to these platforms already blocked.
Finance Minister Dario Durigan said: “Brazil has established clear rules for the operation of fixed odds bets, and there will be no room for those who try to operate on the sidelines of this system or create structures to circumvent the legislation.”
Since the launch of Brazil’s regulated online betting and gaming market in January 2025, Anatel has blocked access to more than 39,000 unlicensed gambling domains and approximately 200 unlicensed apps.
At the same time, Brazil’s financial institutions have closed almost 700 accounts that were suspected of facilitating illegal online gambling.
The Ministry of Finance also revealed that the Secretariat of Prizes and Betting (SPA), Brazil’s national gambling regulator, currently has more than 100 sanctions proceedings in progress against the country’s licensed online gaming operators.
The proceedings concern a range of violations, including unauthorized bets and bonuses, noncompliance with responsible gambling rules, and platform certification violations.