Portugal orders Polymarket to halt operations, citing illegal political betting

Portugal's gambling regulator SRIJ ordered crypto prediction platform Polymarket to cease operations in the country within 48 hours, ruling its activity illegal and warning that internet service providers will block access if the platform fails to comply, local media reported on Jan. 20. The authority said Polymarket lacks authorization to offer online gambling in Portugal and noted that national law prohibits betting on domestic or international political events. During the 2026 Portuguese presidential election, Polymarket markets saw unusual trading activity, with more than €4 million flowing in just hours before the official result was announced, prompting questions about possible early leaks of exit poll data. Data show cumulative volume on the main Portuguese presidential election prediction market reached $120 million, while the regulator added it only supervises licensed platforms and cannot ensure users will recover funds once access is blocked.