Portuguese regulatory authority issues 48-hour operational suspension order to Polymarket

metaverse_hermit · 2026-01-28T06:02:27+00:00

Portugal's gambling regulator, SRIJ, ordered the cessation of services for the prediction market platform Polymarket due to a surge in election-related betting. This action underscores legal issues and potential conflicts arising from non-compliance with Portuguese laws prohibiting political betting.

metaverse_hermit

2026-01-28 06:02:27

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Portugal’s gambling regulatory authority, SRIJ, ordered the suspension of services within Portugal for the prediction market platform Polimarket on January 20th. This regulation is a response to the surge in betting related to Portuguese elections and is expected to cause international disputes over the platform’s legal status.

Why Over 100 Million Euros Flooded Election Betting… The Background of Portugal’s Action

On January 18th, over 130 million euros (approximately $120 million) in bets were placed on the Polimarket platform regarding the Portuguese presidential election results. Due to the nature of prediction markets, as political betting increased, Portuguese regulators monitored the activity and took immediate action. The regulatory authority pointed out that the platform did not hold a Portuguese betting license and highlighted the large volume of bets as concerns.

Areas Clearly Prohibited by Portuguese Law… Political Betting is Illegal

Portugal’s gambling laws impose strict restrictions. According to the regulator’s announcement, Portuguese law prohibits betting on real-world events such as politics and elections, allowing only sports, casino games, and horse racing bets. Despite the platform’s blockchain-based nature, SRIJ maintains that these regulations cannot be bypassed within Portuguese jurisdiction.

Possibility of Internet Blocking in Portugal… Clash with Borderless Platforms

Currently, Polimarket remains accessible within Portugal. However, regulators have warned that if voluntary suspension is not achieved within 48 hours, internet service providers may be required to block access to the site. This demonstrates how strong enforcement measures in Portugal can be and raises important questions about how global cryptocurrency platforms should respond to varying national regulatory environments.

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