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The regulatory authority for trading and betting in Portugal ordered the blockchain-based prediction platform “Polymarket” to cease its activities within the country within 48 hours, following a noticeable increase in its usage coinciding with the presidential elections that took place on Sunday.
According to “Rádio Renascença,” bets on the results of the January 18 vote exceeded 103 million euros (about 120 million dollars).
The regulatory body, “Serviço de Regulação e Inspeição de Jogos” (SRIJ), stated that “Polymarket” does not have a license to provide betting services in Portugal, and thus operates illegally.
“Polymarket” operates as a prediction market that allows users to “bet” on real events such as politics, sports, and more, by purchasing shares in potential outcomes.
But in Portugal, betting on political events and their outcomes is legally prohibited.
According to the online gambling law issued in 2015, only sports betting, casino games, and horse racing are allowed.
The regulatory authority confirmed that the site is not authorized to offer betting in Portugal, noting that national law prohibits betting related to political events, whether local or international.
Despite the decision, “Polymarket” remains available to users at present, although regulators may later move to require internet service providers to block it.
Reports have also indicated that other prediction platforms like “Kalshi,” “Myriad,” and “Limitless” are still accessible within the country.
Portugal's move comes as part of a broader crackdown on “Polymarket,” which faces restrictions in over 30 countries including Singapore, Russia, Belgium, Italy, and recently Ukraine.
While some countries resort to listing the site on blacklists, others adopt lighter measures such as allowing viewing only for local users.
