Portugal bans Polymarket after illegal election betting
6.1 Regulation Portugal ordered Polymarket to halt operations for illegal political betting, citing lack of license and law violations. Authorities may block access after €4 million was wagered on the election.
Portugal's gambling regulator, SRIJ, has ordered the cryptocurrency-based prediction platform Polymarket to cease operations in the country within 48 hours. The decision comes after a surge in betting activity related to the January 18 presidential election, with over €4 million wagered before official results and total bets surpassing $120 million. Polymarket does not possess a valid gambling license in Portugal. Its operations were deemed illegal under the 2015 online gambling law, which only allows betting on sports, casino games, and horse racing. Betting on political events is strictly prohibited. Despite the order, Polymarket remained accessible, prompting authorities to instruct internet service providers to block the platform. This enforcement highlights increasing regulatory scrutiny of decentralized prediction markets and raises concerns about insider trading and user fund safety. Industry observers are watching for further legal developments and Polymarket’s response.
