Spain says it is blocking Polymarket and Kalshi as a precautionary measure while it probes possible gambling law violations over the next three to four months

Spain has taken the step of temporarily blocking access to the prediction market platforms Polymarket and Kalshi as a precautionary measure while it investigates potential violations of gambling laws. This investigation is expected to last between three to four months.

The government of Spain has emphasized that companies intending to offer gambling services to consumers must acquire the requisite licenses. Reports indicate that regulators have found that both Polymarket and Kalshi may be operating without the necessary regulatory approvals.

This action is indicative of an increasing global crackdown on prediction markets, with other nations also implementing similar measures. For instance, Indonesia previously instituted a ban on Polymarket, citing that the platform's provision of betting odds on political events constituted "online gambling in disguise."

Spain's ongoing investigation aims to ascertain whether these platforms are breaching local gambling regulations and to determine what enforcement actions may be deemed necessary in the future.