Hungary and Portugal are the latest countries to ban Polymarket. They join other nations like France, Belgium, Poland, and Germany in doing so.
As reported by Decrypto, the Portuguese regulatory authority and the Hungarian Supervisory Authority both announced the bans over the past few days, claiming that the prediction market platform was offering an illegal form of online gambling.
betting on political events, whether domestic or international, is illegal
The Portuguese Gaming Regulatory Authority also stated in its formal prohibition notice that betting on political events, whether domestic or international, is illegal. In Hungary, the Polymarket website is currently blocked for local IP addresses. The company can appeal the decision and request a regulatory review by the National Media and Infocommunications Authority after an initial 30-day period.
This isn’t just a European problem, as many US states and tribes are attempting to restrict the expansion and growth of prediction market platforms. Despite Polymarket only offering limited access in the US, it was on the receiving end of a lawsuit last week. The Nevada Gaming Control Board filed a civil enforcement lawsuit to try to block it from offering prediction markets in the state.
The main argument of regulators in Europe and the US is that prediction sites don’t have licenses to offer gambling in their respective jurisdictions. The platforms claim that they’re offering financial products and, as a result, don’t need any gaming licenses.
