Spain blocks prediction markets Polymarket, Kalshi over lack of gambling licences
Spain has temporarily banned Polymarket and Kalshi for operating without gambling licences.Summary
Spain's Consumer Rights Ministry has temporarily banned the prediction market platforms Polymarket and Kalshi for operating in the country without a gambling licence. The ban, published in the official state gazette, is expected to last for three or four months while the gambling watchdog investigates the U.S.-based companies for allegedly breaching local rules by lacking mandatory administrative authorisation. Spain classifies prediction markets as a form of gambling when bets are placed on uncertain outcomes. The ministry stated that unauthorised operators lack essential technical and regulatory safeguards, including identity verification systems, access controls for minors and self-excluded individuals, and user protection standards. Prediction markets have evolved from a niche internet corner into a multi-billion-dollar industry, particularly gaining a foothold in U.S. politics in 2024.
(Source：The Hindu)