Portugal’s gambling regulator issued an order requiring the blockchain-based prediction market, Polymarket, to cease operations in the country within 48 hours, following the upswing in activity related to Sunday’s presidential election.
Polymarket under regulatory fire in Portugal
According to Renascença, Portugal’s most prominent and historic commercial radio station, 18 bets were placed on the outcome of Portugal’s presidential election on Sunday, January 18, 2026 and the outcome surpassed 103 million euros (approximately $120 million).
The regulator of Serviço de Regulação e Inspeção de Jogos (SRIJ), stated that Polymarket does not hold a license to provide betting services in the country and is therefore operating unlawfully.
Polymarket, a prediction market, allows users to bet on real-world events, including politics, sports, or other developments. However, such activities are considered illegal in Portugal. The country’s 2015 online gambling framework allows betting only on sports, casino games, and horse racing.
Polymarket was formally notified on Friday and ordered to cease its activity in the country within 48 hours, according to the report.
However, the platform remained accessible on Monday, despite the order. This continued access may lead the SRIJ to request internet service providers to block the platform.
The website is not authorized to offer betting in Portugal, as national law prohibits betting operations regarding political events, be they domestic or international
The regulator, SRIJ
Regulators noticed the significant activities related to the presidential election were observed on Polymarket. According to Renascença, more than €4 million ($4.3 million) was wagered on the site’s prediction markets in the hours leading up to the announcement of results.
Polymarket faces widening bans and restrictions
Concerns were raised that bets might have been placed using non-public information, such as leaked exit polls, due to the high volume of trading. The total trading volume for the primary presidential market surpassed 110 million euros, or $119 million.
Founded in 2020, Polymarket is facing restrictions in over 30 countries, including Singapore, Russia, Belgium, Italy, and, more recently, Ukraine.
A few countries, like Belgium, have blacklisted the website, while a few others, like France, have made it so local users can access a “view-only” version of the website.
