ONJN Blacklists Polymarket for Unlicensed Betting During the Elections

In Romania, the regulator has blacklisted the prediction market platform Polymarket for operating without a license — a move linked to more than $600 million in bets placed during the 2025 presidential elections.

Reason Behind the Ban on Polymarket

The official notice from the Oficiul Naţional pentru Jocuri de Noroc (ONJN) states that Polymarket has been added to the list of operators conducting gambling activities without authorization in Romania. The decision follows a surge in user activity during the presidential and local elections.

According to data published by the platform itself, the volume of transactions during the elections exceeded:

Legal Assessment of Polymarket’s Activity

According to ONJN, despite Polymarket’s branding as a “prediction trading platform,” it fully meets the legal definition of peer-to-peer betting. In essence, Polymarket operates as a bookmaker without holding an official license.

Indicators of Unlicensed Betting Activity

• Users risk money for the chance of a payout.
• Outcomes depend on future uncertain events (e.g., election results).
• Counterparties are other users, not the platform itself.
• The platform charges a fee but does not set or guarantee odds.
• The website explicitly uses terms like “place a bet.”

Thus, Polymarket appears to disguise its operations as “event trading,” while in reality facilitating unlicensed gambling through blockchain and tokenization technologies.

ONJN’s Position and Risks for Players

ONJN emphasizes that real-money gambling is a state monopoly and can only be conducted by licensed operators. The use of the term “trading” instead of “betting” creates a loophole risk, undermining regulatory oversight.

The regulator highlights several key issues:

• Lack of fiscal oversight and tax compliance.
• Failure to adhere to player protection and anti–money laundering regulations.
• Potential for manipulation and abuse in the absence of state supervision.

International Context

Polymarket has faced similar actions elsewhere. In the United States, the Commodity Futures Trading Commission (CFTC) deemed its operations illegal derivatives trading, leading the platform to block U.S. users and pay penalties.

Comparable restrictions have been introduced in other jurisdictions:

• Belgium and France have blocked the platform due to lack of a license.
• Poland and several Asian countries, including Singapore and Thailand, have also restricted access.

ONJN notes that Polymarket’s growing popularity coincides with public calls to limit gambling. However, presenting the platform as a “smart alternative to betting” misleads users by creating a false sense of safety.