Portugal Orders Polymarket to Cease Activity Amid Regulatory Crackdown
Portugal's gambling regulator has issued a 48-hour ultimatum to blockchain-based prediction market Polymarket, demanding it halt operations in the country. The MOVE follows a surge in political betting tied to Portugal's presidential election, with over €103 million ($120 million) wagered on the January 18 vote.
The Serviço de Regulação e Inspeção de Jogos (SRIJ) confirmed Polymarket lacks proper licensing and violates national laws prohibiting political wagering. Portuguese gambling regulations strictly limit betting to sports, casinos, and horse racing—a framework incompatible with Polymarket's event-driven prediction markets.
This enforcement action highlights growing global tensions between decentralized prediction platforms and traditional gambling oversight. Polymarket's blockchain infrastructure, which allows users to trade shares on real-world outcomes, now faces its first major European regulatory challenge.
