Spain has become the latest country to block prediction markets Kalshi and Polymarket.
Spain’s Ministry of Consumer Affairs has blocked the prediction markets and begun disciplinary proceedings against Polymarket and Kalshi.
The European country’s internet service providers have been ordered to block access to the two platforms.
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Spain’s gambling regulator, the Directorate General for Gambling Regulation (DGOJ), claims the companies offer betting products tied to uncertain future events without the proper licenses.
In the past 30 days, Kalshi recorded $5.9 billion U.S. in trading volume while Polymarket processed $3.8 billion U.S. in bets on real-world events such as sports and political elections.
Combined, the two platforms represent nearly 90% of the roughly $11 billion U.S. in trading volume among prediction markets.
Spain is the latest jurisdiction to ban or block the leading prediction markets as regulators debate whether the products should fall under gambling or financial market rules.
Indonesia blocked Polymarket earlier this week under its online gambling regulations, as did India.
Other countries such as Taiwan, Thailand, China and Japan have restricted the two platforms, while Ukraine blocked them with no legal way for the companies to come back.
Polymarket’s list of blocked countries also includes Belgium, Australia, France, the United Kingdom, and Germany.
Spanish authorities say that unlicensed prediction markets lack safeguards such as identity checks, protections for minors, and systems to help prevent gambling addiction.
Both Kalshi and Polymarket are privately held and their stocks don’t trade on public exchanges.