Spain blocks prediction markets Polymarket, Kalshi over lack of gambling licences
· CNA · JoinRead a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST Tap here to return to FAST
FAST
MADRID, May 26 : Spain's Consumer Rights Ministry temporarily banned so-called prediction markets Polymarket and Kalshi for operating in the country without a gambling licence, the official state gazette showed on Tuesday.
• In a statement, the ministry said its gambling watchdog had opened a probe into the U.S.-based companies for allegedly breaching local rules by lacking mandatory administrative authorisation.
• The ban will last an estimated three or four months until the probe's completion, it said.
• Prediction market users buy and sell stakes on the outcome of future events, with prices reflecting the probability of one outcome or another occurring.
CNA Games
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
Show More
Show Less
• Spain - like other European jurisdictions - considers prediction markets a form of gambling when bets are placed on uncertain outcomes.
• The ministry said unauthorised operators lack the required technical and regulatory safeguards like identity verification systems, access control mechanisms for minors and for people who have self-excluded or are banned from gambling, as well as the standards needed to protect users.
• Once a niche corner of the internet, prediction markets have mushroomed into a multi-billion-dollar industry after gaining a foothold in U.S. politics in 2024.
Newsletter
Week in Review
Subscribe to our Chief Editor’s Week in Review
Our chief editor shares analysis and picks of the week's biggest news every Saturday.
Sign up for our newsletters
Get our pick of top stories and thought-provoking articles in your inbox
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app