Portugal orders Polymarket blocked after election bets surge before results announced

LISBON — Portugal’s National Communications Authority (ANACOM) has ordered a nationwide block on the decentralized prediction market platform, Polymarket, citing concerns over the integrity of the recent general election results. The regulatory action was triggered by an unprecedented surge in high-volume bets placed on the platform predicting the election outcome in the hours immediately preceding the official result announcement.

Regulators stated that the sudden spike in speculative activity suggested the potential exploitation of non-public information or insider trading, an action deemed disruptive to the democratic process. Prediction markets, while sometimes tolerated in other jurisdictions, fall outside Portugal’s existing financial and gambling regulatory frameworks, giving authorities broad scope to restrict access when market activities threaten public order.

The Ministry of Internal Administration confirmed the ban, emphasizing that the move was necessary to prevent ‘the unfair influencing of public perception regarding the official electoral tally.’ Domestic Internet Service Providers (ISPs) have already implemented the block, rendering Polymarket inaccessible to users attempting connection from within Portuguese borders.

Polymarket operates globally, utilizing cryptocurrency for wagers, and allows users to bet on real-world events. This incident marks one of the most significant governmental interventions against a prediction market platform in Europe, signaling a tightening regulatory stance against decentralized finance tools during periods of high political sensitivity.

Source: Portugal orders Polymarket blocked after election bets surge before results announced