Catenaa, Tuesday, January 27, 2026-Portugal’s gambling regulator has ordered crypto prediction market Polymarket to cease operations and be blocked nationwide after a surge in election-related wagers, reports said.
The Portuguese Gaming Regulation and Inspection Service (SRIJ) determined the platform is unauthorized to offer betting services, noting that political betting is prohibited under national law.
Authorities issued a 48-hour notice on January 16, but the site remained accessible, prompting plans for network-level blocking.
The action followed unusually heavy trading on Polymarket’s presidential markets in the hours before the announcement of election results.
More than €4 million ($4.3 million) was wagered on these markets, part of a total trading volume exceeding €110 million ($119 million). Regulators expressed concerns that wagers may have been placed using leaked exit polls or other non-public information.
Polymarket, founded in 2020, allows users to trade on real-world events with cryptocurrency, typically settling bets in stablecoins.
The platform describes itself as a forecasting tool rather than a gambling site but has drawn scrutiny in multiple jurisdictions over political betting.
Portugal’s move mirrors actions taken by Hungary, where the regulator SZTFH blocked Polymarket while investigating potential illegal gambling.
Several U.S. states, including Tennessee, have also issued cease-and-desist orders targeting the platform. Rival prediction markets, such as Kalshi, have faced similar regulatory pressure but have sometimes secured temporary relief through legal injunctions.
The SRIJ emphasized that only licensed operators may offer betting services in Portugal and warned users that blocked platforms cannot guarantee fund recovery.
The regulator’s move underscores growing scrutiny of crypto-based prediction markets operating across multiple countries.
