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Portugal Orders Polymarket to Halt Operations Over Election Betting Violations

Portugal Orders Polymarket to Halt Operations Over Election Betting Violations

Portugal’s gambling regulator blocked access to Polymarket after over €110 million was wagered on presidential election markets ahead of a February runoff.

Summary

Portugal’s Serviço de Regulação e Inspeção de Jogos (SRIJ) blocked access to blockchain-based prediction market Polymarket on January 16 after significant trading in election-related bets. More than €110 million had been wagered on Portugal’s presidential election, which is heading to a February runoff after no candidate achieved a majority. The regulator acted under laws prohibiting political event betting and cited Polymarket’s lack of an online gambling license.

Terms & Concepts
  • Blockchain prediction market: A platform using blockchain technology to let users bet on the outcomes of future events through digital markets.
  • SRIJ (Portugal’s gaming regulator): Serviço de Regulação e Inspeção de Jogos, the Portuguese authority responsible for regulating and supervising gambling activities.
  • Political event betting: Wagering on political outcomes such as elections, which is prohibited under Portuguese gambling regulations.