Regulators Circle Polymarket as Portugal Enters Global Clampdown

Portugal’s gambling regulator, the Serviço de Regulação e Inspeção de Jogos (SRIJ), has ordered blockchain-based prediction market Polymarket to cease operations in the country within 48 hours.

Moreover, this further escalates regulatory pressure on the blockchain-based platform amid election-related betting activity.

The regulatory agency issued the order after Polymarket recorded a surge in activity tied to Sunday’s presidential election.

Election Betting Triggers Swift Action

According to Rádio Renascença, bets on the outcome of the Jan. 18 vote exceeded €103 million ($120 million), drawing swift scrutiny from authorities.

The SRIJ said Polymarket lacks a license to offer betting services in Portugal and operates in violation of national law.

“The website is not authorized to offer betting in Portugal, as national law prohibits betting operations regarding political events, be they domestic or international,” the regulator said.

Polymarket allows users to speculate on real-world events by buying shares linked to potential outcomes across politics, sports, and other developments.

In Portugal, however, betting on political events remains illegal. The country’s 2015 online gambling law permits only sports betting, casino games, and horse racing.

Despite the order, Polymarket remains accessible in Portugal for now. Regulators may soon instruct internet service providers to block access if the platform fails to comply.

Furthermore, other prediction markets, including Kalshi, Myriad, and Limitless, also appear to remain accessible in the country, though none have announced changes in response to the regulator’s move.

Global Pressure Builds on Prediction Markets

Portugal’s action adds to a widening international clampdown on Polymarket. Since its 2020 debut, the platform has faced restrictions in more than 30 countries, including Singapore, Russia, Belgium, Italy, and, more recently, Ukraine.

Regulators have taken different approaches across jurisdictions. Belgium has blocked the website outright, while France allows local users to access the platform only in a “view-only” mode.

The case highlights growing tension between decentralized, blockchain-based platforms and national gambling laws, particularly around political events. Regulators argue that election-related betting risks undermining democratic processes and violating established gambling frameworks.

Nonetheless, the blockchain-based platforms have not publicly responded to Portugal’s order. The outcome could shape how other countries approach prediction markets as their popularity rises and as election cycles drive spikes in user activity.