Spain's Ministry of Consumer Affairs has initiated disciplinary proceedings against prediction market platforms Polymarket and Kalshi, ordering internet service providers to block access. The country's gambling regulator, the Directorate General for Gambling Regulation (DGOJ), stated that these platforms offer betting products tied to uncertain future events without the licenses required under Spanish gambling law. Authorities highlighted a lack of safeguards for minors and self-excluded gamblers. The precautionary blocking measures will remain in place while the cases proceed, a process expected to take three to four months. Kalshi and Polymarket dominate the prediction market sector, with combined trading volumes exceeding $9.7 billion in the past 30 days, representing nearly 88% of the top markets' total volume. Spain joins a growing list of countries targeting prediction markets, including Indonesia, India, Taiwan, Thailand, China, Japan, Ukraine, Belgium, Australia, France, the U.K., and Germany. Kalshi operates under CFTC oversight in the U.S., while Polymarket faces regulatory challenges globally. The Spanish regulator emphasized that unlicensed operators may lack essential safeguards such as identity verification, minor protection, and self-exclusion systems.

Key facts

• Spain blocks Polymarket and Kalshi over unlicensed gambling operations.
• Platforms lack safeguards for minors and self-excluded gamblers.
• Kalshi and Polymarket dominate prediction markets with $9.7B combined volume.
• Spain joins multiple countries restricting prediction market platforms.