Portugal joins the wave of global restrictions against Polymarket

As regulatory concerns regarding unlicensed betting practices grow, Portugal has become the latest country to take decisive action against Polymarket, a blockchain-based prediction market platform. The regulator’s decision in this country reflects an increasingly widespread trend among global oversight authorities to restrict operations of prediction platforms that do not comply with local gambling laws.

Ban on Operations in Portugal Due to 103 Million Euro Political Betting

The Serviço de Regulação e Inspeção de Jogos (SRIJ), Portugal’s gambling regulatory agency, has instructed Polymarket to cease all activities within its territory within 48 hours. This decision came after the platform recorded an extraordinarily high betting volume related to the Portuguese presidential election on January 18, 2026, with total wagers exceeding 103 million euros, equivalent to 120 million US dollars.

According to reports from local media Rádio Renascença, this activity surge demonstrates how prediction platforms can quickly attract significant capital during large-scale political events. However, in the context of Portuguese law, such activities are clearly illegal.

SRIJ Regulator Takes Firm Action Against Prediction Platform

Portugal’s oversight authority emphasizes that Polymarket does not hold a license to operate betting services in the country and is therefore operating illegally. Portugal’s 2015 online gambling regulations strictly limit the types of bets allowed, including only sports, casino games, and horse racing. All forms of betting related to political events, whether domestic or international, are explicitly prohibited.

A statement from SRIJ underscores that “this website is not authorized to offer gambling services in Portugal, given that national law explicitly bans operations related to political events, whether local or global.” Although the blocking decision has not yet been fully implemented, regulators are expected to soon instruct internet service providers to block access.

Alternative prediction platforms such as Kalshi, Myriad, and Limitless remain accessible in Portugal, although their status is also likely to be reviewed by authorities. Nonetheless, Polymarket remains in the spotlight due to its scale and global visibility.

Expansion of Polymarket Restrictions in Over 30 Countries Continues to Grow

Portugal’s move adds to the long list of countries that have restricted or banned Polymarket. Since its founding in 2020, the platform has faced regulatory hurdles in more than 30 jurisdictions, including Singapore, Russia, Belgium, Italy, and Ukraine. Each country applies a different approach to managing this platform.

Some countries, like Belgium, have blacklisted Polymarket entirely and banned access outright. Meanwhile, countries such as France adopt a hybrid strategy, allowing access in “view-only” mode, enabling users to observe markets without active trading. These differing approaches indicate that regulation of prediction markets is still evolving across various jurisdictions.

Regulatory Evolution: From Prediction Markets to Tokenized Shares

Regulatory attention on platforms like Polymarket is part of a broader movement to regulate digital financial instruments. The Securities and Exchange Commission (SEC) recently issued comprehensive guidelines stating that tokenized shares must comply with applicable securities and derivatives regulations, regardless of whether the assets are recorded on blockchain or other infrastructure.

SEC guidelines make an important distinction between security tokens issued and sponsored by the issuer, which can represent actual equity ownership, and third-party products that typically only provide synthetic exposure or custodial rights. This policy demonstrates regulatory intent to limit the distribution of synthetic equity products to retail investors while encouraging tokenization structures approved by issuers and fully regulated.

Global trends show that governments and regulators are increasingly serious about implementing comprehensive frameworks to manage risks associated with unlicensed digital trading platforms and decentralized financial products.