Portugal Cracks Down on Polymarket Following Suspicious Election Betting Activity

Portuguese authorities are preparing to block access to Polymarket after millions of euros were wagered on the outcome of the country’s presidential election.

The move comes as prediction markets continue to gain traction, with sports, politics, and crypto accounting for the majority of activity on the platform.

According to Renascença, the Serviço de Regulação e Inspeção de Jogos (SRIJ) stated that Polymarket does not hold a license to provide betting services in the country and is therefore operating unlawfully.

Portuguese law prohibits wagering on political events and other real-world outcomes. The country’s 2015 online gambling framework allows betting only on sports, casino games, and horse racing.