Polymarket has been issued orders to cease operations in Portugal and Hungary amid attracting millions in bets on elections in both countries.
Portugal Bans Political Betting After Election Surge
Portugal’s gambling regulator SRIJ (Serviço de Regulação e Inspeção de Jogos) ordered Polymarket to cease operations after bets on the January 18 presidential election exceeded 103 million euros ($120 million) in trading volume.
The crackdown stems from Portugal’s 2015 online gambling law, which explicitly prohibits betting on political events.
The platform operates without a license in the country, where only sports betting, casino games, and horse racing are legal.
“The website is not authorized to offer betting in Portugal, as national law prohibits …