Portugal Orders Block on Polymarket Due to Suspicious Betting Activity on Presidential Election

Jan. 20 — Portugal’s gambling regulatory authority SRIJ has ordered the blocking of crypto prediction market Polymarket, ruling its operations in the country illegal, and demanded the platform stop serving Portuguese users within 48 hours. Local internet service providers (ISPs) will block access if the platform fails to comply. The regulator noted Polymarket lacks authorization to offer online gambling services in Portugal, and Portuguese law explicitly bans betting on domestic or international political events. The platform remains accessible in Portugal despite receiving a correction notice earlier. During the 2026 Portuguese presidential election, abnormal trading activity was spotted on Polymarket: Hours before official results were announced, betting volume surged, with over €4 million flowing into related markets—sparking widespread concerns about premature exit poll leaks and "insider trading." Data shows total trading volume on the main 2026 Portuguese presidential election prediction market exceeded $120 million. The regulator added it only oversees licensed platforms and cannot ensure Portuguese users will be able to withdraw their funds if the platform is blocked.