Portugal intensifies lockdown of Polymarket and joins global regulatory offensive

The Portuguese gaming regulator, SRIJ (Gaming Regulation and Inspection Service), has determined that the Polymarket platform suspends its operations in the country within 48 hours. The decision came after more than 103 million euros (approximately 120 million dollars) were registered in bets related to the presidential election held in mid-January. According to the regulator, Polymarket operates without any authorization to offer betting services in Portugal, violating national legislation that expressly prohibits betting operations on political events.

SRIJ orders cessation of activities for illegal betting in election

According to Portugal’s 2015 online gaming legislation, only betting on sports, casino games and horse racing is allowed. “The site is not authorized to offer betting in Portugal, as national legislation prohibits betting operations related to political events, whether national or international,” the regulatory body stated. The 48-hour determination marks a significant hardening in the Portuguese regulator’s stance, which now demands the effective blocking of the platform in the national territory. While Polymarket remains technically accessible for now, authorities may soon order internet service providers to block access to the platform centrally.

Blocking is part of a global strategy to restrict prediction markets

The Portuguese action is part of a broader international trend of restriction on Polymarket’s operations. The platform, founded in 2020, already faces limitations in more than 30 countries, including Singapore, Russia, Belgium, Italy, and Ukraine. Each jurisdiction has adopted different strategies: while some countries have implemented full blocks, others such as France have only allowed access in “view-only” mode, preventing transactions. Other forecasting platforms, such as Kalshi, Myriad and Limitless, are also beginning to face similar pressures in European markets, suggesting that the blocking of these services reflects a more systemic regulatory concern.

Outlook: Regulatory coordination redefining the industry

The joint offensive against Polymarket demonstrates how the world’s financial authorities are coordinating efforts to curb speculative activity at political events. Technical blocking via internet providers, in addition to the traditional legal approach, represents a significant escalation in coercive measures. For the Portuguese platform and users, the SRIJ’s decision marks the beginning of a possible more comprehensive blockade, reflecting the global tightening in the regulation of blockchain-based prediction markets.