Polymarket Faces Ban in Portugal Over Political Betting Breach

TLDR

• Portugal has ordered Polymarket to leave the country within 48 hours due to illegal betting activity.
• The Serviço de Regulação e Inspeção de Jogos stated that Polymarket does not hold a license to operate in Portugal.
• National law in Portugal prohibits betting on political events whether domestic or international.
• Bets on the January 18 presidential election reportedly exceeded €103 million according to Rádio Renascença.
• The regulator may instruct internet providers to block access to Polymarket if it does not comply.

Portugal has ordered blockchain-based prediction platform Polymarket to cease operations in the country within 48 hours after increased activity tied to the January 18 presidential election, as the Serviço de Regulação e Inspeção de Jogos (SRIJ) said the platform operated without a valid license, in violation of national law.

Portuguese Regulator Demands Immediate Exit

Polymarket must leave Portugal within 48 hours due to unauthorized betting on the presidential election. The SRIJ confirmed the platform breached the 2015 online gambling law by offering political betting services.

The regulator stated, “The website is not authorized to offer betting in Portugal,” confirming that such activity violates current legislation. Under the law, only sports, casino games, and horse racing betting are permitted in the country.

Authorities cited the lack of a valid license as the reason for enforcement. They emphasized that political betting, whether domestic or international, remains illegal under Portuguese regulations.

Activity surged after over €103 million ($120 million) in bets were placed on the January 18 election. This prompted the regulator to act swiftly and issue a notice for the platform to leave the market.

Betting Activity Prompts Legal Action

According to Rádio Renascença, the unusually high volume of wagers raised concerns. The regulator responded by formally notifying Polymarket that it is operating illegally.

The platform remains live, but authorities may soon order internet service providers to block access to it. Such actions have been used before to enforce local laws against unauthorized operators.

Portugal’s move adds pressure on Polymarket, which already faces restrictions in multiple jurisdictions. These include bans, access limitations, or blacklists issued by regulatory agencies abroad.

Portugal’s decision aligns with similar steps taken by other countries to limit unauthorized platforms. The SRIJ has clearly stated that the rules apply uniformly and without exception to any operator.

Polymarket Under Scrutiny Worldwide

Founded in 2020, Polymarket has come under regulatory scrutiny in at least 30 countries. These include Belgium, Singapore, Russia, Italy, and Ukraine, where access is restricted or fully blocked.

In Belgium, the platform is already blacklisted and unavailable to users. France allows only a view-only mode to prevent betting while still enabling transparency.

Other markets, such as Singapore and Russia, have fully banned the platform. Authorities there have acted against unlicensed betting to ensure consumer protection.

Prediction markets like Kalshi, Myriad, and Limitless remain available in Portugal for now. However, their legal status remains unclear as political betting remains prohibited.

As of now, Polymarket’s site is still accessible in Portugal. But further action, including full blocking by ISPs, could happen if the platform fails to comply.

The post Polymarket Faces Ban in Portugal Over Political Betting Breach appeared first on CoinCentral.