Portuguese authorities have tightened their grip on illegal online betting, moving to block access to the crypto-powered prediction platform, Polymarket. The crackdown follows suspicious betting activity during Portugal’s recent presidential election.
Polymarket Under Scrutiny for Political Betting
Polymarket, a blockchain-based platform enabling users to bet on various global events, is now facing a ban in Portugal. According to the Gambling Regulation and Inspection Service (SRIJ), Polymarket has been operating illegally in Portugal. Betting on political events is strictly prohibited under Portuguese law, and the platform’s controversial recent activities have triggered swift governmental intervention.
The SRIJ issued a formal notice to Polymarket, giving the platform a 48-hour deadline to cease operations in the country. Despite this, the platform reportedly remained operational as of Monday. Authorities are now preparing to work with internet service providers to enforce the ban effectively, ensuring compliance with national regulations.
Suspicious Betting During National Election
The crackdown was prompted by significant activity on Polymarket during Portugal’s presidential election. Reports indicate that over €4 million was wagered just hours before official results were publicly announced. Such high-stakes betting raised concerns of insider access to non-public information, including exit poll data.
Market data reveals a sharp shift in betting odds favoring António José Seguro, whose probability of victory skyrocketed from 60% in the morning to over 90% by the evening, eventually hitting near-certainty by the time projections were broadcast. These irregularities have amplified suspicions about the legality and ethicality of Polymarket’s operations in the region.
Implications for Online Betting and Crypto Regulation
This case highlights the growing challenge regulators face in managing cryptocurrency-based platforms that operate across multiple jurisdictions. As interest in decentralized betting markets climbs, so do concerns about transparency, fairness, and compliance with national laws.
For users globally seeking alternatives in blockchain and cryptocurrency, it’s essential to ensure platforms operate within legal frameworks to avoid potential losses or penalties. Platforms like Binance, a leading cryptocurrency exchange, stress the importance of adhering to regulations while providing robust investment tools.
What’s Next for Crypto Betting Platforms?
The Portuguese government’s decisive action against Polymarket sends a clear message that illegal betting will not be tolerated. While decentralized platforms continue reshaping industries, their legal landscapes remain complex. Users and operators alike must stay informed and vigilant to navigate these challenges responsibly.
