Spain has blocked access to the prediction-market platforms Polymarket and Kalshi, citing a lack of proper licensing to operate in the country. The move, confirmed by Spanish regulators this week, cuts off users in Spain from two of the most popular sites for betting on political events, sports outcomes, and financial forecasts.
Why Spain stepped in
Spanish gambling authorities said Polymarket and Kalshi didn't hold the required licenses to offer their services to residents. Both platforms let users trade contracts tied to real-world events — for example, who will win an election or whether a central bank will raise rates. Under Spanish law, such activity falls under regulated gambling unless explicitly exempted. The companies never applied for approval, regulators noted, leaving them outside the legal framework.
What the platforms do
Polymarket, built on blockchain technology, allows users to buy and sell shares in event outcomes using cryptocurrency. Kalshi operates as a federally regulated exchange in the United States but has no similar status in Europe. In Spain, both sites are now inaccessible via local internet providers. Users who try to reach them see a block notice or a timeout error. The platforms hasn't commented publicly on the block. Neither has indicated whether it plans to seek a Spanish license.
Broader regulatory landscape
The block comes as European regulators tighten oversight of online prediction markets. In recent months, France and the Netherlands have also restricted access to similar platforms. Spain's action follows a pattern: authorities argue these markets operate in a gray zone, offering what looks like gambling without consumer protections. Meanwhile, the U.S. Commodity Futures Trading Commission has been battling Polymarket in court over whether its contracts amount to illegal off-exchange trading. Kalshi, which won a court case allowing it to list election contracts, still faces state-level scrutiny in several U.S. states.
What happens next
Spanish users who already held balances on the platforms can withdraw funds, but new trades are blocked. It's unclear if Polymarket or Kalshi will challenge the order or apply for a license. Spain's gambling regulator has not set a deadline for compliance — the block is immediate and indefinite until the companies obtain authorization. For now, anyone in Spain looking for a prediction market is left with few legal options.
