Portuguese regulatory authority orders suspension of Polymarket services

HackerWhoCares · 2026-01-28T21:05:58+00:00

The Portuguese gambling authority, SRIJ, has ordered the suspension of the blockchain-based prediction market platform Polymarket, which received over €10 million in bets on the recent presidential election. This follows regulations prohibiting betting on political events and the platform's lack of a local license. Failure to comply within 48 hours may lead to internet access restrictions.

HackerWhoCares

2026-01-28 21:05:58

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Portugal’s gambling regulatory agency, SRIJ, has ordered the official suspension of operations for the blockchain-based prediction market platform, Polymarket. According to reports on January 20, authorities have notified the platform to cease services within 48 hours, and if ignored, they plan to block access through internet service providers.

Regulatory Action Triggered by $100 Million Election Bet

The incident was sparked by the Portuguese presidential election results on January 18. Over €103 million (approximately $120 million) in bets were placed on the election outcome on the Polymarket platform. This level of betting activity drew the attention of regulators, leading SRIJ to take immediate action.

Portuguese Law Bans Political Prediction Betting

The basis for the regulatory action is clear. According to Portuguese law, betting on the outcomes of real-world events such as political elections is strictly prohibited. Allowed forms of gambling under local law are limited to sports betting, casino games, and horse racing bets. Furthermore, Polymarket does not hold a Portuguese gambling license, meaning it was operating without legal authorization.

Follow-up Measures Including Internet Blocking Anticipated

Currently, Portuguese users can still access Polymarket, but SRIJ plans to enforce mandatory shutdowns if voluntary discontinuation does not occur within 48 hours. The regulatory authority has the power to request internet service providers to block access to the site, and Portugal is expected to continue strengthening regulations to monitor unlicensed gambling platforms.

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