coindesk.com
Portugal’s gambling regulator ordered blockchain-based prediction market Polymarket to quit the country within 48 hours after the platform saw a surge of activity tied to Sunday's presidential election.
According to Rádio Renascença, bets placed on the outcome of the Jan. 18 vote exceeded 103 million euros ($120 million). The regulator, the Serviço de Regulação e Inspeção de Jogos (SRIJ), said Polymarket has no license to offer betting services in the country and is operating illegally.
Polymarket is a prediction market that allows users to bet on real-world events, such as politics, sports or other developments by buying shares on potential outcomes.
In Portugal, betting on political events and other real-world outcomes is illegal. Under the country's 2015 online gambling law, only sports, casino games and horse racing bets are permitted.
"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 remains accessible for now, though regulators may soon order internet service providers to block it. Other prediction markets, including Kalshi, Myriad, and Limitless, also appear to be accessible in the country.
Polymarket, founded in 2020, is facing restrictions in over 30 countries that include Singapore, Russia, Belgium, Italy and, more recently, Ukraine. Some countries, like Belgium, have blacklisted the website, while others, like France, have made it so local users can enter the platform in a “view-only” mode.