Hungary and Portugal Restrict Access to Polymarket
In Hungary and Portugal, regulators have ordered restrictions on access to the prediction markets platform Polymarket over the illegal organization of gambling activities.
Regulatory Decisions in Europe
Authorities in Hungary and Portugal have deemed the activities of Polymarket illegal and initiated measures to block user access to the service.
The restrictions are based on the platform offering betting services without a national license and accepting wagers on events prohibited under local law.
Polymarket Blocked in Hungary
Decision by the Supervisory Authority
In Hungary, access to Polymarket was restricted by a decision of the Szabályozott Tevékenységek Felügyeleti Hatósága (SZTFH). Users with Hungarian IP addresses reported that the site was inaccessible across all devices.
A notice appeared on the platform stating that access had been blocked following an official regulatory decision related to the illegal organization of gambling.
Reasons for the Access Restriction
According to SZTFH documents, the ban covers the polymarket.com domain and related subdomains owned by Adventure One Qss Inc.
The regulator stated that the platform offers betting on various events, including sports matches and elections, without authorization to operate in the country.
Situation Around Polymarket in Portugal
Order to Cease Operations
In Portugal, the Serviço de Regulação e Inspeção de Jogos (SRIJ) declared Polymarket illegal and issued an order requiring the operator to cease activity within 48 hours.
The regulator noted that the platform lacks permission to accept bets and violates the ban on wagering on political events.
Betting on Presidential Elections
Particular attention was drawn to prediction markets related to the presidential elections, where more than €4 million was wagered in the hours before the official results were released.
A sharp rise in the odds of one candidate ahead of the publication of exit polls raised questions about the possible use of polling data before its official disclosure.
How the Polymarket Platform Works
Prediction Market Format
Polymarket was launched in 2020 and operates as a cryptocurrency-based prediction market, where users buy and sell “yes” or “no” positions on various events.
The price of each position ranges from $0 to $1, with settlements carried out using the USDC cryptocurrency.
Betting Volumes and Legal Status
According to the platform, total betting volume on presidential markets has exceeded $120 million, while the service continues to operate in several countries without local licenses.
Regulators emphasize that they oversee and supervise only licensed operators, and that the fate of users’ funds after a site is blocked is not guaranteed.