Brazil
An unequivocal decision for prediction markets in Brazil
Brazil’s National Monetary Council Resolution 5.298 marks a clear regulatory boundary for prediction markets such as Polymarket and Kalshi.
In this analysis, Carlos Akira Sato examines how the measure reflects a deeper shift in Brazil’s financial architecture, redefining what qualifies as a legitimate financial instrument and setting limits on the financialisation of non-economic events.
Carlos Akira Sato is co-founder of Fenynx Digital Assets and a specialist in regulated markets, financial infrastructure and responsible gambling.
In this op-ed, he argues that Brazil’s Resolution 5.298 is less about banning Polymarket and Kalshi than about defining the boundaries of the next generation of the financial system.
Brazil’s National Monetary Council Resolution 5.298 sets an unambiguous limit for platforms such as Polymarket and Kalshi in the country. The conclusion is straightforward: these models no longer find regulatory space in Brazil. But the significance of the decision lies not in the prohibition itself, it lies in what it reveals about the future of financial architecture.
Resolution 5.298 does not explicitly address prediction markets. It operates at a deeper level, redefining what can be considered a legitimate financial instrument. By requiring that contracts be tied to economic variables with objective price formation, the regulator eliminates the possibility of structuring instruments, however sophisticated in appearance, based on political, social or behavioural events. This is not a peripheral adjustment. It is a conceptual repositioning.
For years, platforms like Polymarket and Kalshi thrived precisely on ambiguity. They are not traditional bookmakers, nor do they fit neatly as derivatives exchanges. They operate in an intermediate territory, contracts based on probabilities, financial language and an implicit promise of efficient price discovery about the future. That grey zone was always their main asset, and their greatest regulatory risk. What Brazil has now done is eliminate it.
The most sophisticated aspect of the resolution lies in its design. The CMN did not target the technology, the format of the platforms, or their location. It targeted the essence: the nature of the risk being traded. In doing so, it made irrelevant whether the operation occurs through bilateral contracts, offshore platforms or blockchain-based protocols. If the risk is not economic, the contract is not admissible. It is a form of regulation that privileges substance over form — and is, for that reason, likely to prove more resilient.
This decision projects effects well beyond the gambling debate. It speaks directly to the discussion around tokenisation and the widely held idea in recent years that any event could be converted into a digital asset. Brazil signals the opposite. Innovation is welcome, but not unlimited. Tokenisation finds legitimacy when anchored in the real economy, credit, receivables, productive assets, and loses it when it attempts to capture behaviour, opinion or social events as the basis for trading.
It is at this point that the resolution also reveals an institutional tension. The normative text itself assigns to the CVM the responsibility of issuing complementary regulation. The choice is legally understandable, but institutionally questionable.
If the regulator’s own diagnosis recognises that these are hybrid instruments, moving between derivatives, securities and fundraising structures, the absence of a joint initiative from the outset is notable. The option for sequential regulation, with the CMN setting guidelines and the CVM filling in the detail, introduces a lag that may temporarily reopen the very grey zone it intends to close.
The paradox is evident. The resolution is sophisticated in attacking the economic essence of contracts, but fragments regulatory execution by distributing competencies non-simultaneously.
In an environment where financial innovation occurs at the intersection of different regimes, banking, capital markets and, in certain cases, gambling, coordination ceases to be desirable and becomes necessary. The lack of synchrony may generate divergent interpretations, legal uncertainty and, above all, residual arbitrage opportunities.
Even so, the core of the decision remains solid. By restricting what can be considered a financial asset, Brazil establishes a silent but powerful limit on the financialisation of reality. Not every event can be turned into a contract. Not every expectation can be converted into a price. And not everything that can be tokenised should necessarily be traded.
To say that Polymarket and Kalshi cannot operate in Brazil is therefore correct, but it is only the surface. What is at stake is the definition of boundaries for the next generation of the financial system. A system that will continue to incorporate technology and innovation, but that, at least in the Brazilian case, will remain anchored in the real economy. And in that process, the quality of coordination between regulators will be as decisive as the clarity of the rules themselves.
Carlos Akira Sato is co-founder of Fenynx Digital Assets and a specialist in regulated markets, financial infrastructure and responsible gambling. In this op-ed, he argues that Brazil’s Resolution 5.298 is less about banning Polymarket and Kalshi than about defining the boundaries of the next generation of the financial system.
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Brazil
EGB Group launches institutional portal to strengthen corporate presence in iGaming in Brazil
EGB Group (Esportes Gaming Brasil), owner of Esportes da Sorte, Onabet and Lottu, has launched its new institutional portal, bringing governance, strategy and corporate operations together in a single digital environment.
The initiative aims to structure the group’s institutional presence and increase transparency across its processes, operational pillars and expansion projects.
The portal features dedicated sections such as Compliance, ESG, Ecosystem and a fully structured Press Room, improving access for partners, media and regulatory authorities to compliance information and strategic initiatives.
According to Iury Tavares, Media Relations Manager at EGB Group, the launch reflects an already consolidated internal evolution.
“The launch of our institutional website materializes EGB Group as an ecosystem.
We are no longer seen only as isolated consumer brands, but as an integrated structure with different business fronts connected by a common purpose of innovation and market leadership.”
Camyla Lima, Branding and Creative Manager, added that the new platform also improves how this structure is communicated.
“The new corporate identity balances the energy of entertainment with the rigor of a structured operation.
We developed an interface that prioritizes institutional storytelling and ecosystem navigation, making it easier to understand how the brands are integrated.”
The more sober visual identity reinforces the group’s institutional positioning in a regulated market and reflects its organizational culture, recognized by its Great Place to Work certification and a workforce of around 1,000 direct and indirect jobs.
With employees placed at the center of the communication strategy, the launch was also supported by internal activations across offices in São Paulo and Recife and corporate channels.
Beyond governance, the portal highlights the group’s broader social impact initiatives.
It showcases support for street carnival blocks and official sponsorships of major Carnival celebrations across Brazil, including traditional hubs such as Recife and Olinda.
Social responsibility projects such as Costura Cidadã, support for waste pickers during major events, and partnerships with NGOs focused on river cleaning are also featured.
In sports, the group maintains sponsorships with clubs including Corinthians, Náutico, Ferroviária and Ceará, as well as support for inclusive sports initiatives.
A key highlight of the portal is the company’s investment in Brazilian technology development that underpins its operations.
The group details its use of proprietary platforms to ensure technical autonomy and compliance with requirements set by the Secretariat of Prizes and Betting (SPA/MF).
This structure also includes the use of artificial intelligence for personalization and security, contributing to formal job creation and revenue generation across digital advertising and sports-related sectors.
Esportes Gaming Brasil
Esportes Gaming Brasil is one of the leading betting groups in the country, operating under a fully Brazilian structure with an official licence granted by the Ministry of Finance through SPA/MF. The authorisation covers its three brands: Esportes da Sorte, Onabet and Lottu, with nationwide operations across Brazil.
A benchmark in innovation and a strong advocate of market regulation, the group is committed to responsible gaming and continuous investment in user protection technologies, while generating hundreds of jobs.
Beyond sports betting, Esportes Gaming Brasil invests consistently in sports, culture and social projects. It is a master sponsor of clubs such as Corinthians, Ceará, Ferroviária and Náutico, and supports major cultural initiatives.
This include Galo da Madrugada and Carnival celebrations across Recife, Olinda, Salvador, Maceió, Natal, Caicó, Belo Horizonte, Rio de Janeiro and São Paulo, as well as the Parintins Festival. The brand also expands its digital presence through creative campaigns and influencer partnerships, strengthening its connection with audiences across online platforms.
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betting market
BiS Brasília brings together experts and authorities to discuss the future of Brazil’s betting market
The event takes place on June 2–3 at the Royal Tulip Brasília Alvorada, featuring discussions on regulation, international cooperation, and the profile of Brazilian bettors.
The second edition of BiS Brasília has officially been confirmed and is expected to bring together major names from the sports betting, iGaming, and regulatory sectors in Brazil.
The event will be held on June 2 and 3 at the Royal Tulip Brasília Alvorada, with a program focused on strategic debates, networking, and discussions about the future of Brazil’s regulated market.
With an emphasis on innovation, responsibility, and the sustainable development of the industry, the event will bring together national and international experts to discuss the challenges and opportunities facing the sector at a decisive moment for the Brazilian betting market.
Among the confirmed panels is “International Cooperation and Strategic Bridges for a Regulated, Solid, and Responsible Sector in Brazil,” featuring John Aquilina.
The discussion will focus on the importance of international collaboration and the development of strategic relationships to strengthen a safe, transparent, and responsible regulatory environment in the country.
Another highlight of the program will be the panel “The Profile of the Brazilian Bettor,” presented by Thiago Iusim. The session will analyze consumer behavior, trends in the domestic market, and challenges related to user protection and responsible gaming.
The organizers aim to consolidate Brasília as one of the country’s main hubs for discussions surrounding regulation, technology, and business opportunities connected to sports betting and digital entertainment in Brazil.
“BiS Brasília was created to strengthen dialogue among companies, specialists, authorities, and international representatives, promoting essential discussions for the development of a more mature, transparent, and sustainable industry,” said Cardama, co-founder of BiS Brasília.
Those interested in attending the event can purchase tickets through the official portal.
Now in its second edition, BiS Brasília is an event dedicated to the iGaming and betting ecosystem, promoting dialogue between the private sector, public authorities, and society regarding the development of Brazil’s regulated gaming, casino, and lottery market.
The event brings together business leaders, authorities, and specialists to discuss strategic topics such as Brazilian regulation, taxation, integrity, innovation, responsible gaming, compliance, AML/anti-money laundering measures, licensing, sports integrity, government relations, and advertising and CONAR guidelines.
SiGMA World’s BiS SiGMA South America is part of the event portfolio of the SiGMA Group, one of the leading global B2B event and business platforms focused on the gaming and betting industry.
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BETBY has signed a partnership with Vibra Gaming that will see the B2B sportsbook supplier deliver its full solution to the Latin American platform developer, including its AI-powered tools and proprietary esports feed.
Through the agreement, Vibra Gaming will integrate BETBY’s sportsbook via a single API, giving its operator partners access to more than 500,000 monthly events without significant development overhead.
The integration is designed to reduce time-to-market for operators looking to add sports betting to an existing multi-vertical offering.
A key component of the deal is the inclusion of Betby.Games, BETBY’s esports feed, which includes hyper-localised titles such as eVaquejada and eFootVolley — products built specifically for Latin American audiences.
“This partnership is a natural fit for both sides,” said Stefanos Karakidis, Business Development Director at BETBY.
“What makes this collaboration particularly strong is how seamlessly our solution integrates into Vibra’s ecosystem, enabling their casino operator partners to expand into sports betting in a fast, efficient and scalable way.”
Werter Luna, CEO at Vibra Gaming, said the integration expands the platform with a sports betting offering that matches the company’s standards for performance and adaptability.
“We are particularly excited about the potential of combining their technology and esports content with our localised approach to further enhance the player experience across Latin America.”
BETBY holds operational licences in Brazil and Peru and has been actively expanding its footprint across the region. The Vibra Gaming partnership is part of that broader push into Latin America.
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