The platforms do not comply with betting regulations approved by the Brazilian Congress, Durigan said at a press conference. According to the minister, prediction markets are neither legal nor regulated in Brazil.

The blocking is aimed at protecting the population's savings amid government efforts to reduce Brazil's debt, Durigan added. President Luiz Inácio Lula da Silva remains very concerned about people in debt turning to gambling, the minister said.

The government may take additional measures to regulate the betting market in Brazil, Durigan said. The Finance Ministry published a full list of banned platforms on Friday.

Presidential Chief of Staff Miriam Belchior stated that the measure is aimed at protecting income, preventing financial losses, and reducing families' exposure to unsafe practices.

The government advocated for stricter regulation of prediction markets, Durigan noted.