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B3 is launching six “Event Contracts” today, including instruments linked to bitcoin price movements, as Brazil draws a regulatory line between derivatives tied to financial assets and those tied to sports, political and other event categories.
The six Event Contracts are tied to spot and mini futures movements in the Ibovespa index, the Brazilian real and bitcoin. Prices are capped at 100 Brazilian reais (around $19), and the contracts are cash-settled only.
B3 says the contracts use the same mechanical structure as U.S.-based prediction market operators Kalshi and Polymarket. The instruments have been authorized by Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM), and are restricted to professional investors with at least 10 million reais (approximately $1.9 million) in assets or holding CVM technical certification.
The launch comes three days after the Conselho Monetário Nacional (CMN) published Resolution CMN nº 5,298 on April 24. The resolution bans derivatives based on real sports events, online games, and political, electoral, social, cultural or entertainment events, while explicitly preserving derivatives tied to economic and financial variables.
The rules take effect May 4. Enforcement and complementary regulation are delegated to the CVM.
At a press conference on the same day, Finance Minister Dario Durigan and Civil House Minister Miriam Belchior said Brazil’s National Telecommunications Agency (ANATEL) had blocked access to 28 prediction market platforms operating without authorization. Secretariat of Prizes and Bets (SPA) head Régis Dudena said additional blocks would follow for platforms outside the scope permitted by the CMN.
The resolution cites Brazil’s federal sports betting framework as the legal basis for distinguishing licensed fixed-odds betting from event-based derivatives. The Instituto Brasileiro de Jogo Responsável, an industry trade body for licensed Brazilian operators, endorsed the resolution the same day, describing it as preventing “regulatory arbitrage” by foreign platforms attempting to operate as financial instruments rather than licensed gambling operators.
Founded in 2017 from the merger of BM&FBovespa and Cetip, B3 (Brasil, Bolsa, Balcão) is Brazil’s main stock exchange and the largest financial market infrastructure operator in Latin America. B3 already offers bitcoin futures contracts launched in April 2024, alongside derivatives tied to equities, currencies, commodities and interest rates.
B3 also disclosed plans to launch a tokenization platform and a stablecoin before year-end, Bloomberg reported earlier this month.
B3 describes the Event Contracts as the first federally regulated prediction market in Brazil. The exchange’s launch follows a broader global prediction market boom, including Kalshi’s entry into Brazil in January via a partnership with XP International. With Polymarket, Kalshi and 26 other foreign platforms blocked at the network level, B3 is moving into a domestic market the government has cleared on its behalf.
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