Portugal Bans Polymarket Over €110M Election Bets

Portugal’s gambling regulator, SRIJ, has ordered Polymarket to cease operations nationwide, declaring the crypto prediction platform illegal. The platform operated without authorization and violated Portugal’s prohibition on political betting. The crackdown follows reports of over €4 million wagered on Portuguese presidential markets just hours before results were announced, raising alarms about potential insider trading and leaked exit polls. Total trading volume on these markets surpassed €110 million, intensifying regulatory scrutiny.

The MOVE underscores growing global tensions between decentralized prediction markets and traditional regulatory frameworks. Polymarket’s shutdown highlights the challenges crypto platforms face when operating in jurisdictions with strict gambling laws. Market participants are now watching whether other European regulators will follow Portugal’s lead in cracking down on politically oriented crypto betting.