Spain blocks access to Polymarket and Kalshi as it launches gambling licence investigation
Summary
Spain’s consumer rights ministry has blocked access to two prediction market sites, Polymarket and Kalshi, while it investigates if they broke Spanish laws by operating without a gambling license. The investigation may take three to four months, and the sites will remain blocked in Spain until a decision is made.Key Facts
- Spain’s ministry blocked Polymarket and Kalshi for operating without a gambling license.
- The sites let users bet on future events like weather and politics.
- Spain and other European countries treat prediction markets as gambling.
- To operate legally, companies must get a license and follow rules like verifying users’ identities and blocking minors.
- Spain tried to contact Polymarket and Kalshi before blocking them but received no response.
- Other countries such as France, Belgium, and Brazil have also limited or banned these sites.
- The US state of Minnesota banned prediction market sites; the US government is suing to stop the ban.
- Fourteen other US states are working on laws to regulate prediction market platforms.
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