Spanish authorities have blocked access to the prediction market platforms Polymarket and Kalshi while regulators look into whether these services break local gambling laws.
Spain’s gambling regulator said the platforms seem to be operating without the licenses needed for betting services. As a precaution, local users will stay blocked from the platforms while legal proceedings continue over the next few months.
Spanish officials say prediction markets are treated like games of chance when users bet on uncertain outcomes. Because of this, operators must get proper authorization before offering services in the country.
This move puts Spain on a growing list of countries tightening rules on prediction market platforms. Governments in Indonesia, France, Singapore, Poland, Switzerland, and others have also set restrictions or started investigations for similar reasons.
The legal pressure isn’t just in Europe. In the United States, both Polymarket and Kalshi are facing lawsuits and regulatory scrutiny from several state authorities, and federal lawmakers have started investigations into possible insider trading.
Even with these legal challenges, prediction market platforms still attract large trading volumes worldwide as more people in both crypto and traditional finance get interested in event-based speculation and forecasting.
LATEST: 🇪🇸 Polymarket and Kalshi are now blocked in Spain after regulators launched disciplinary proceedings, claiming they operated without licenses under Spanish gambling law. pic.twitter.com/LjlpFbUDUz
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