Polymarket has been issued orders to cease operations in Portugal and Hungary amid attracting millions in bets on elections in both countries.

Portugal Bans Political Betting After Election Surge

Portugal’s gambling regulator SRIJ (Serviço de Regulação e Inspeção de Jogos) ordered Polymarket to cease operations after bets on the January 18 presidential election exceeded 103 million euros ($120 million) in trading volume.

The crackdown stems from Portugal’s 2015 online gambling law, which explicitly prohibits betting on political events. 

The platform operates without a license in the country, where only sports betting, casino games, and horse racing are legal.

“The website is not authorized to offer betting in Portugal, as national law prohibits betting operations regarding political events, be they domestic or international,” the regulator said.

While Polymarket remains accessible for now, regulators may order internet service providers to block the site entirely if the platform doesn’t comply. 

Meanwhile, competitors including Kalshi, Myriad, and Limitless still appear accessible in the country.

Hungary Becomes Second Ban This Week

Just one day before Portugal’s announcement, Hungary’s regulatory authority SZTEH banned Polymarket on January 19, citing suspicions of organizing illegal gambling.

The ban affects users accessing the site from Hungarian IP addresses, though VPN users can still connect. 

The measure remains temporary until a final decision in the case, but the timing signals coordinated regulatory pressure across Europe.

Behind Hungary’s move: Polymarket hosted $2.5 million worth of bets on the country’s next prime minister, with markets showing Péter Magyar at 56% probability versus Viktor Orbán at 43% in December. 

That level of political betting activity drew immediate regulatory attention.

Over 30 Countries Now Restrict Polymarket

Polymarket, founded in 2020, now faces restrictions in over 30 countries including Singapore, Russia, Belgium, Italy, and Ukraine—and the list is accelerating.

The enforcement varies by jurisdiction. Belgium blacklisted the site entirely, while France implemented a middle-ground approach allowing “view-only” mode where local users can see markets but can’t place bets.

The platform gained massive attention during the 2024 U.S. presidential election, where users bet hundreds of millions on the outcome. That visibility triggered increased regulatory scrutiny globally.

The Portugal and Hungary bans highlight how quickly regulators are moving against prediction markets when political betting volumes spike.

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