Portugal Cracks Down on Polymarket Following Suspicious Election Betting Activity
Portuguese authorities are getting ready to dam entry to Polymarket after tens of millions of euros have been wagered on the end result of the nation’s presidential election earlier than official outcomes have been made public.
The transfer comes as prediction markets proceed to realize traction, with sports activities, politics, and crypto accounting for almost all of exercise on the platform.
Polymarket Under Regulatory Fire in Portugal
According to Renascença, the Gambling Regulation and Inspection Service (SRIJ) has confirmed that the crypto-based prediction platform operates illegally in Portugal, the place betting on political occasions is prohibited beneath nationwide legislation.
According to the regulator, Polymarket was formally notified on Friday and given 48 hours to stop its exercise within the nation. Despite the order, the platform remained accessible as of Monday, prompting the SRIJ to maneuver towards requesting web service suppliers to dam it.
Attention centered on Polymarket after unusually massive volumes of bets have been positioned on the Portuguese presidential race within the last hours earlier than polls closed.
More than €4 million was reportedly wagered shortly earlier than the outcomes have been identified, whereas the full quantity on the principle presidential market has now exceeded $120 million. During this era, the percentages shifted sharply in favor of António José Seguro, nicely forward of the discharge of official projections.
Market information exhibits that Seguro’s likelihood of victory surged from round 60% within the morning to over 90% by early night, earlier than reaching close to certainty by the point tv networks started broadcasting projections.
The speedy motion has fueled hypothesis that some merchants might have had early entry to exit ballot information or different private info.
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