Polymarket received an order from the Portuguese regulator SRIJ to cease operations in the country within 48 hours. The measure came after a surge in betting linked to the January 18 presidential election, with a volume exceeding 103 million euros ($120 million).
The platform does not hold a license to offer betting in Portugal and operates outside the current law, which only allows wagers on sports, casinos, and horse racing. Betting on political events or real-world outcomes is prohibited.
Polymarket remains accessible for now, but authorities could instruct internet service providers to block access. Other prediction markets, including Kalshi, Myriad, and Limitless, continue operating in Portugal.
The platform allows users to buy shares on potential outcomes of real-world events, quickly concentrating large volumes of liquidity in political markets. Polymarket has faced restrictions in over 30 countries, including Belgium, France, Russia, Singapore, Italy, and Ukraine, with varying levels of access depending on the jurisdiction.
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