ANJL and IBJR back Brazil’s new CMN resolution restricting prediction-market products

Two of the main associations representing Brazil’s fixed-odds betting market have endorsed the new National Monetary Council resolution that bans the offering and trading of derivatives tied to sports events, online games and political, electoral, social, cultural or entertainment themes, with the measure set to take effect on May 4.

Brazil’s betting sector received a new show of support for the federal crackdown on prediction-market products after both the Associação Nacional de Jogos e Loterias (ANJL) and the Instituto Brasileiro de Jogo Responsável (IBJR) publicly welcomed CMN Resolution No. 5.298. The resolution, published on April 24, prohibits in Brazil the offering and trading of derivatives whose underlying assets are linked to real sports events, virtual online games, or real and virtual events of a political, electoral, social, cultural or entertainment nature, and it will enter into force on May 4.

The Brazilian government has framed the move as part of a broader effort to prevent prediction-market platforms from operating as de facto unregulated betting businesses. In an official statement, the Ministry of Finance said these platforms function under the same core logic as bets because users assume risk on uncertain future outcomes in exchange for predefined prizes, and it argued that the new rule helps intensify the fight against the illegal market while protecting consumers and the broader economy.

IBJR’s support was explicit in its own published note. The institute said the CMN resolution creates clearer limits for the derivatives market, prevents the financial system from being used to bypass betting regulation, and blocks what it called a form of regulatory arbitrage by companies attempting to enter Brazil through the so-called prediction market. IBJR also argued that allowing equivalent products to operate outside the betting regime would create unfair competition, weaken consumer protection and bypass responsible-gaming safeguards established under Law No. 14.790/2023.

ANJL took a similar line. According to a report by BNLData reproducing the association’s position, ANJL said the government’s new measures protect society and help combat illegal companies. The association argued that the decision is positive for fixed-odds operators already authorised by the Ministry of Finance, because it acts against companies operating outside the law and helps stop the mistaken framing of bets as investment products. The report also cited ANJL president Plínio Lemos Jorge as saying the fixed-odds framework was designed to ensure control over bettors, payouts and anti-money-laundering measures, while prediction markets create risks of collusion, laundering and absence of effective controls.

The timing matters because Brazil now has an established legal channel for fixed-odds betting. The Ministry of Finance states that only companies previously authorised by the SPA may operate nationally since January 1, 2025, and that all federally authorised betting sites use the “.bet.br” domain. Against that backdrop, support from ANJL and IBJR reinforces the government’s message that products replicating betting exposure should not be allowed to function through parallel financial-market structures.

Taken together, the two statements show that the regulated betting sector sees the CMN resolution not just as a financial-market rule, but as a protective barrier around the licensed market. If the measure is enforced as planned from May 4, Brazil will further narrow the space for platforms trying to offer wagering-like products outside the country’s formal fixed-odds betting framework.