Are Prediction Markets Legal in Latin America?
Last updated: April 2026 · Independent guide for Latin America investors
Written by Stephan Kulik
Editor-in-Chief, PredictorHQ
Written for Latin America investors by Stephan Kulik, editor-in-chief of PredictorHQ. General information on prediction-market legality — not legal advice.
Last updated: · LinkedIn
Prediction market legality across Latin America varies dramatically by country. Some countries (Mexico, Colombia) have explicit licensing regimes for sports betting that may extend to event contracts. Others (Argentina, Brazil) have evolving crypto frameworks that affect access to global platforms. This guide breaks down the major Latam markets.
Mexico (SEGOB and CNBV)
Mexico has the most developed sports-betting framework in Latam under SEGOB (Secretaría de Gobernación). Caliente.mx operates under SEGOB license. Crypto trading is legal but unregulated by CNBV (the securities regulator). Polymarket access is in practice unrestricted but legally ambiguous.
Brazil (Banco Central and SPA)
Brazil legalized sports betting in 2018 (Law 13.756), now operational under the Ministry of Finance's Secretariat of Prizes and Betting (SPA). Crypto and virtual-asset service providers are regulated primarily by the Banco Central under Law 14.478/2022 — the CVM's remit is limited to tokens that qualify as securities. Polymarket and similar gray-market access are reachable but not licensed.
Argentina
Argentina has some of the highest crypto adoption rates globally, driven by inflation. Sports betting is provincial. Polymarket and other USDC-based platforms are widely used. The CNV (securities regulator) has limited jurisdiction over crypto-settled prediction markets in practice.
Colombia (Coljuegos and SFC)
Colombia has Coljuegos as the national gambling regulator with a relatively progressive framework — Colombia was one of the first Latam countries to license online gambling. Crypto trading is legal. Polymarket access is unrestricted in practice.
Other markets (Chile, Peru, Venezuela)
Chile has emerging gambling regulation. Peru has provincial frameworks. Venezuela has high crypto adoption due to currency collapse but limited regulatory infrastructure. In practice, Polymarket and crypto-settled prediction markets are accessible across the region with self-custody wallets.
Important
This guide is general information and does not constitute legal advice. Prediction market regulation in Latin America continues to evolve. Consult a qualified lawyer for advice specific to your situation.