Portuguese authorities are preparing to block access to Polymarket after millions of euros were wagered on the outcome of the country’s presidential election.
The move comes as prediction markets continue to gain traction, with sports, politics, and crypto accounting for the majority of activity on the platform.
Polymarket Under Regulatory Fire in Portugal
According to Renascença, the Serviço de Regulação e Inspeção de Jogos (SRIJ) stated that Polymarket does not hold a license to provide betting services in the country and is therefore operating unlawfully.
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Portuguese law prohibits wagering on political events and other real-world outcomes. The country’s 2015 online gambling framework allows betting only on sports, casino games, and horse racing.
The report added that Polymarket was formally notified on Friday and given 48 hours to cease its activity in the country. Despite the order, the platform remained accessible as of Monday. This may prompt the SRIJ to move toward requesting internet service providers to block it.
Attention focused on Polymarket after unusually large volumes of bets were placed on the Portuguese presidential race. Users reportedly wagered more than €4 million on markets tied to the Portuguese presidential election before the results were known.
The total volume on the main presidential market has now exceeded $120 million. During this period, the odds shifted sharply in favor of António José Seguro.
This has fueled speculation about potential insider trading. It is not the first time such concerns have surfaced.
Similar issues were previously raised after three wallets collectively recorded profits of more than $630,000 on Polymarket by betting on the removal of Nicolás Maduro before his arrest was officially announced.
Comparable patterns have also appeared in entertainment-related markets. On Polymarket, users placed 27 bets on Golden Globe Award outcomes, with 26 of them proving to be correct.
Polymarket faces restrictions in more than 30 countries, including Singapore, Russia, Belgium, Italy, and, more recently, Ukraine. Despite these restrictions, the overall prediction market is seeing notable growth. BeInCrypto reported that weekly trading volumes reached a record high last week.
Source: https://beincrypto.com/portugal-blocks-polymarket-election-betting/
