Portugal Bans Polymarket Over €110M Election Bets

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Portugal’s gambling regulator, SRIJ, has ordered Polymarket to shut down and be blocked nationwide, ruling the crypto prediction platform illegal for operating without proper authorization and breaking the country’s ban on political betting. The decision comes after reports that over €4 million was wagered on Portuguese presidential markets just hours before results were announced, sparking concerns over insider trading and leaked exit polls. Total trading on these markets exceeded €110 million, drawing intense attention from regulators.