Portugal takes action against Polymarket, giving 48 hours to leave the country: details

Portugal’s Trading and Gambling Regulatory Authority has ordered blockchain-based prediction platform Polymarket to cease its activities in the country within 48 hours after its usage increased significantly in anticipation of Sunday’s presidential election.

According to “Rádio Renascença”, more than 103 million euros (approximately $120 million) are bet on the outcome of the January 18 vote.

Regulatory agency Serviço de Regulação e Inspeição de Jogos (SRIJ) said Polymarket did not have a license to provide gambling services in Portugal and was therefore operating illegally.

“Polymarket” operates as a prediction market, allowing users to “bet” on real-life events such as politics, sports, etc. by purchasing shares in potential outcomes.

But in Portugal, betting on political events and their outcomes is prohibited by law.

Under the Electronic Gambling Law enacted in 2015, only sports betting, casino games and horse racing are allowed.

The organizing body 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 this decision, “Polymarket” is currently available to users, but regulators may later ask ISPs to block it.

The report also pointed out that other prediction platforms such as “Kalshi”, “Myriad” and “Limitless” are still available in the country.

Portugal’s move is part of a wider wave of restrictions on the “Polymarket”, with the country facing restrictions from more than 30 countries, including Singapore, Russia, Belgium, Italy and most recently Ukraine.

While some countries have taken the approach of placing the site on a banned list, others have taken looser measures, such as allowing viewing only to local users.

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