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Brazil’s SPA says it has authorised no prediction-market operators

Regulation

Brazil’s Secretariat of Prizes and Bets (SPA) said on 9 March 2026 that it had formally authorised no Brazilian company to operate prediction markets. The SPA said it was monitoring the sector and conducting preliminary analysis, with further assessment to involve the National Securities Commission (CVM).

Without formal authorisation, operators face uncertainty over offering prediction markets in Brazil while regulators assess the sector.

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Regulation

Appeals courts deny Kalshi protection from state enforcement in three states

The Ninth Circuit on 3 November declined to rehear Kalshi’s challenge to Nevada’s treatment of its sports markets. Separately, the Second Circuit denied injunction requests by Kalshi and Coinbase, allowing authorities in New York and Connecticut to continue enforcement while appeals proceed; Kalshi has 90 days to seek Supreme Court review of the Nevada ruling.

The Ninth Circuit declined Kalshi's requests for a panel rehearing and a rehearing en banc concerning its Nevada ruling. Separately, the Second Circuit denied injunctions sought by Kalshi and Coinbase that would have stopped states enforcing gambling laws against their sports event contracts while the appeals continue.

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