Portugal Cracks Down on Polymarket Following Suspicious Election Betting Activity
Portuguese authorities are moving to block Polymarket for illegal betting after suspicious, large wagers were placed on election results before official announcements.Summary
Portuguese authorities, specifically the Gambling Regulation and Inspection Service (SRIJ), are preparing to block access to the crypto-based prediction platform Polymarket. The SRIJ confirmed that Polymarket operates illegally in Portugal because betting on political events is prohibited under national law. The platform was formally notified and given 48 hours to cease operations, but remained accessible, leading the SRIJ to request internet service providers implement a block.
The regulatory action followed unusually large betting volumes on the Portuguese presidential race just before polls closed, with over €4 million reportedly wagered shortly before results were known. The total volume on the main market exceeded $120 million. Market data showed a sharp shift in odds favoring candidate António José Seguro, whose victory probability surged from 60% to over 90% just before official projections were released, fueling speculation about insider trading or early access to exit poll data.
(Source：BeInCrypto)