Spain’s Consumer Rights Ministry has temporarily banned prediction markets Polymarket and Kalshi from operating in the country due to their failure to obtain a required gambling licence, according to the official state gazette published on Tuesday, News.Az reports, citing Reuters.
In a statement, the ministry said its gambling regulator had launched an investigation into the two U.S.-based companies over alleged breaches of national rules, specifically operating without the mandatory administrative authorisation.
The ban is expected to remain in place for around three to four months, lasting until the completion of the ongoing probe, the ministry added.
Prediction markets are platforms where users buy and sell stakes on the outcome of future events, with prices reflecting the perceived probability of different outcomes occurring.
Spain, like several other European jurisdictions, classifies prediction markets as a form of gambling when they involve wagering on uncertain outcomes.
The ministry also said that unauthorised operators do not meet required technical and regulatory safeguards, including identity verification systems, access controls for minors, protections for individuals who have self-excluded or are banned from gambling, and broader standards designed to protect users.
Once a niche segment of the internet, prediction markets have expanded into a multi-billion-dollar industry in recent years, particularly after gaining traction in U.S. politics in 2024.
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