Brazil bans 27 prediction market platforms including Kalshi and Polymarket

Odaily Odaily Planet Daily reports that Brazilian authorities have blocked 27 prediction market platforms, including Kalshi and Polymarket. Dario Durigan, Executive Secretary of the Brazilian Ministry of Finance, stated that Resolution No. 5.298 issued by the National Monetary Council will take effect in May. The new regulation classifies contracts related to sports, politics, entertainment, or social events as gambling rather than financial investments. Currently, only contracts linked to economic indicators such as inflation, interest rates, exchange rates, or commodity prices are permitted. The blocked platforms also include PredictIt, Robinhood's prediction feature, Fanatics Markets, and others. Authorities stated that this move aims to prevent the increase of household debt and mitigate financial risks.