Portugal Orders Polymarket Shutdown, Platform Still Operates

Portugal's gambling regulator, Serviço de Regulação e Inspeção de Jogos (SRIJ), has reportedly ordered Polymarket to halt its operations in the country. However, no official enforcement document has been released, and the platform remains accessible to users in Portugal.

Polymarket allows cryptocurrency-based betting on real-world events.
SRIJ gave a 48-hour shutdown notice on January 17, but as of January 20, the platform is still operational without geo-restrictions.
Polymarket's trading volume for Portugal's Presidential Election exceeded $120 million, with António José Seguro at a 96% probability on January 20.
SRIJ confirmed that Polymarket lacks authorization for betting services in Portugal, deeming its activities illegal.
The regulatory body plans to request internet service provider blocks, though no actions have been implemented yet.

Legal Framework Excludes Political Betting

Portugal's Decreto-Lei n.º 66/2015 permits only sports betting and casino games, excluding political prediction markets.
The platform saw a spike in activity before election results were announced, with €5 million traded in two hours.

Global Regulatory Pattern Continues

Similar enforcement actions have occurred globally, including investigations in France concerning Polymarket's operations.
Polymarket faces restrictions in over 30 countries, with some jurisdictions blocking it entirely while others allow viewing without betting.
Contrastingly, Polymarket expanded in the US, receiving CFTC approval to operate as a regulated exchange.

Polymarket has not commented publicly on the situation in Portugal.