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Portugal Gambling Regulator Orders Polymarket Shutdown
Regulators moved to block the prediction market platform after heavy election-related betting.
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Portugal’s gambling regulator SRIJ ordered Polymarket to cease operations and face network-level blocking in the country. The move followed a surge in election-related activity tied to Portugal’s recent presidential vote, which authorities said violated national gambling laws.
What’s the Scoop?
- Cease-and-desist: Portugal’s Gaming Regulation and Inspection Service gave Polymarket 48 hours to halt activity, saying the platform was not licensed to offer betting services and that political betting is prohibited under Portuguese law.
- Election surge: More than €103 million was reportedly wagered on Polymarket’s presidential markets in the country with a surge of bets coming in the hours before official results were released, raising concerns about the possible use of non-public information.
- Blocking move: "The website is not authorized to offer betting in Portugal, and under national law, betting on political events or happenings, whether national or international, is not permitted," states the regulator in a (translated) statement to Portuguese outlet Rádio Renascença.