TLDR
- An Argentine judge has ordered a nationwide block on Polymarket for operating without a gambling licence
- Google and Apple have been instructed to remove the Polymarket app from their stores in Argentina
- The investigation found Polymarket allowed rapid account creation with no identity verification or age checks
- Portugal and the Netherlands have also taken enforcement action against Polymarket in recent months
- Brazil’s betting regulator said it is monitoring prediction markets after Kalshi launched in the country
A Buenos Aires court has ordered a nationwide block on Polymarket, the cryptocurrency-based prediction market platform. The judge ruled the platform was operating in Argentina without a proper gambling licence.
The court also instructed Google and Apple to remove the Polymarket application from their app stores within Argentina.
The case began after the Buenos Aires City Lottery filed a complaint. The lottery detected Polymarket was operating in the country without authorisation.
The Buenos Aires Specialised Gambling Prosecutor’s Office took up the case. The office described Polymarket as a “covert online betting system” that lacked proper authorisation to operate.
Investigators found that Polymarket allowed users to create accounts quickly without conducting identity verification or age checks. The platform holds no licences registered with the Association of State Lotteries of Argentina.
These findings led the court to take action. The ruling could open the door to further enforcement within the country.
Polymarket has not issued a public response to the matter.
Crypto Prediction Markets Under Pressure in Europe
Argentina is not the only country cracking down on Polymarket. Regulators in Europe have taken similar steps in recent months.
In Portugal, the national regulator declared Polymarket unauthorised to offer betting services. Portuguese law prohibits betting on political events, whether domestic or international.
The Portuguese regulator, known as the Serviço de Regulação e Inspeção de Jogos, identified a €103 million surge in election-related wagers on the platform. It issued a formal directive for Polymarket to cease operations.
The Dutch gambling regulator Kansspelautoriteit also hit Polymarket with a penalty order. The regulator found the platform had been operating in the Netherlands without a gambling licence.
These actions show a growing pattern of enforcement against crypto prediction markets across multiple countries.
Latin American Regulators Watch Closely
The situation in Argentina comes as neighbouring Brazil is also paying close attention to prediction markets.
Kalshi, another prediction market platform, recently launched in Brazil. It was the company’s first market outside the United States.
The Brazilian betting regulator, the Secretariat of Prizes and Bets, responded shortly after the launch. It said prediction markets are part of its internal analysis agenda.
“It should be noted that, at present, there are no Brazilian companies formally authorised by the SPA to operate in this segment,” the regulator said. Preliminary studies on prediction markets are currently under way in Brazil.
The Brazilian regulator’s statement suggests the country could follow Argentina’s lead if platforms continue to operate without local licences.
Polymarket has faced a string of regulatory challenges across multiple continents in a short period of time. The platform was slapped with enforcement actions in Portugal, the Netherlands, and now Argentina within recent months.
