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Portugal’s gambling regulator has ordered the crypto prediction platform Polymarket to shut down its services within the next 48 hours. As millions flowed into election-related bets, authorities stepped in with a strict deadline, citing illegal betting activity and rising concerns for user safety.

Portugal Orders Polymarket to Shut Down

Portugal’s gaming regulator, SRIJ, has ordered Polymarket to stop all operations in the country within 48 hours. If the platform fails to comply, internet providers may be asked to block access nationwide.

The regulator said Polymarket is operating without proper authorization and highlighted that the platform allows political betting, a practice strictly banned in Portugal, whether using traditional money or cryptocurrency.

Authorities noted they only recently became aware of Polymarket and labeled its activities illegal. 

They also warned that, as only licensed operators are overseen, local users may not be able to recover their funds once the platform is blocked.

Election’s $120 Million Bet Triggered Regulatory Action

Portuguese regulators stepped in after Radio Renascenca highlighted that bets on the January 18 election crossed €103 million ($120 million). On Polymarket, users placed heavy bets, with Socialist candidate António José Seguro leading predictions.

Meanwhile, betting activity increased further as the election moved toward a February 8 runoff against far-right candidate Andre Ventura. 

However, authorities said this crossed legal limits, as betting on elections is banned in Portugal due to concerns about influencing voters and protecting election integrity.

Polymarket Faces Global Restrictions

Polymarket operates as a decentralized prediction market, allowing users to bet on real-world events using crypto. While the platform argues it reflects public sentiment, regulators around the world see it as unlicensed gambling.

Portugal’s move is not isolated. Polymarket is already restricted or blocked in more than 30 countries, including the United States, where regulators previously raised compliance concerns. 

Despite the latest shutdown order, some users reportedly began using VPNs to access the platform, a common workaround when regional blocks are imposed. However, regulators continue to tighten enforcement, making long-term access uncertain.