Hungary and Portugal have taken regulatory action against Polymarket, a blockchain-based prediction market platform, citing alleged breaches of national gambling laws and the provision of unlicensed betting services. Both the Hungarian Supervisory Authority for Regulated Activities and the Portuguese Gaming Regulatory Authority have reportedly issued bans on Polymarket.
Hungary’s Supervisory Authority for Regulated Activities has temporarily blocked access to Polymarket for users connecting from Hungarian IP addresses, according to local media outlet Index.hu. The authority said it has launched proceedings against the platform’s operator on suspicion of organising prohibited gambling, a move that could result in further enforcement depending on the outcome of the investigation.
The restriction is not permanent and will remain in effect until a final, legally binding decision is reached. The authority emphasised that the measure is precautionary and linked directly to the ongoing inquiry. While the website is inaccessible to most local users, it can still be reached through the use of virtual private networks (VPNs), regulators confirmed. No timeline has been provided for when a final ruling is expected.
Polymarket is a global prediction market platform that allows users to trade cryptocurrency-based contracts tied to the outcomes of real-world events. Markets span a wide range of topics, including sports, political developments, and financial decisions. The platform has grown rapidly in recent years and reportedly processes billions of dollars in daily trading volume.
Portugal orders Polymarket to exit the market
Portugal’s gambling regulator, the Serviço de Regulação e Inspeção de Jogos (SRIJ), has also moved against Polymarket, ordering the platform to cease operations in the country within 48 hours following a surge in betting activity related to the Jan. 18 presidential election.
According to broadcaster Rádio Renascença, wagers placed on the election outcome exceeded €103 million ($120 million). The SRIJ said Polymarket does not hold a licence to offer betting services in Portugal and is therefore operating illegally under national law.
Under Portugal’s 2015 online gambling framework, only sports betting, casino games and horse racing are permitted. Betting on political events, whether domestic or international, is explicitly prohibited. Although Polymarket remains accessible to Portuguese users for now, authorities indicated that internet service providers could soon be instructed to block access to the platform.
The platform was also engulfed in its first-ever civil enforcement lawsuit in the United States, filed by the Nevada Gaming Control Board (NGCB) to block its operations in the state. In its complaint, NGCB asked for “a declaration and injunction to stop Polymarket from offering unlicensed wagering in violation of Nevada law.”
Regulatory pressure builds across Europe
Founded in 2020, Polymarket has faced mounting scrutiny from regulators worldwide as prediction markets increasingly intersect with traditional gambling laws. The platform is currently restricted or blocked in over 30 countries, including Singapore, Russia, and France. Most recently, the platform was blocked in Ukraine last week. PlayCity, Ukraine’s state gambling and lottery regulator, recognised Polymarket’s activities as bookmaking and said that users will only be able to bet on the platform once it obtains a licence.
Polymarket reentered the US in December 2025 after almost four years away. The platform had been barred from serving American users following a January 2022 settlement with the Joe Biden–era Commodity Futures Trading Commission (CFTC), which accused the company of operating unregistered trading markets.
In another ongoing lawsuit, a US federal judge has temporarily blocked Tennessee gaming regulators from stopping prediction markets operator Kalshi from offering event-based contracts in the state, dealing a setback to state-level efforts to classify the platform’s products as illegal sports betting. US District Judge Aleta Trauger in Nashville granted a temporary restraining order preventing the Tennessee Sports Wagering Council and the state’s attorney general from enforcing Tennessee gaming and sports wagering laws against Kalshi.
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