Portugal Bans Polymarket Over Unlicensed Political Betting
Portugal's gambling regulator has issued a 48-hour ultimatum to blockchain-based prediction platform Polymarket, demanding its immediate exit from the country. The Serviço de Regulação e Inspeção de Jogos (SRIJ) cited unauthorized betting on the January 18 presidential election as the primary violation.
Bets on the election reportedly surpassed €103 million, according to local media. Portuguese law strictly prohibits wagering on political events, limiting licensed operators to sports, casino games, and horse racing. The SRIJ confirmed Polymarket lacks the necessary authorization to offer any FORM of betting services in the jurisdiction.
Failure to comply may result in internet service providers blocking access to the platform nationwide. The MOVE underscores growing regulatory scrutiny of crypto-native prediction markets operating in traditional gambling frameworks.
