Argentina bans Polymarket over illegal betting concerns
Argentine authorities have restricted access to the Polymarket platform, which specializes in prediction markets. The decision was made at the national level and reflects a broader push to tighten oversight of services where users effectively place bets on various events — from political outcomes to economic indicators.
Prediction markets have long operated outside clear regulatory frameworks. However, as CoinGape notes, growing user interest and rising transaction volumes are prompting authorities to take a closer look at the sector.
Reasons behind the ban
According to local authorities, Polymarket’s operations largely resemble online betting, while the company lacked the required license. Additional concerns were raised over reports that minors may have had access to the service.
A key trigger was an incident involving inflation forecasts. Authorities claim the platform listed Argentina’s February inflation at 2.9% before the official data release, then adjusted the figure shortly before publication. This raised concerns about potential manipulation or the use of non-public information.
Following this, a court in Buenos Aires instructed regulator ENACOM to work with internet providers to restrict access to the service. At the same time, Google and Apple were ordered to remove the Polymarket app from their local app stores.
The investigation concluded that the platform effectively operated as a betting service disguised as an analytical tool. This became the basis for a full ban.
Growing pressure on prediction markets
Argentina has become the second country in Latin America after Colombia to restrict access to such services. Authorities have previously scrutinized similar platforms, including Kalshi, indicating a broader reassessment of prediction markets.
Attention toward Polymarket also increased after the launch of controversial markets tied to geopolitical events. In particular, the platform shut down a market that allowed users to bet on the likelihood of nuclear weapon use, drawing criticism amid tensions between the U.S. and Iran.
The situation highlights how regulators are drawing a clearer line between analytical tools and gambling services. For platforms in this space, this may mean adapting their models — from obtaining licenses to restructuring operations.
Growing interest from both users and investors continues to put the sector in focus. As a result, future regulatory decisions could impact not only individual platforms but the entire segment, including its links to the crypto industry.
Earlier reports indicated that similar measures are being considered in the United States. In Utah, lawmakers are reviewing bill HB243, which aims to revise gambling regulations. The proposal classifies bets on specific in-game events as gambling, effectively placing such platforms in the same category as bookmakers. If adopted, it could restrict access to Polymarket and Kalshi in the state and increase pressure on the broader prediction market sector.
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