Spain bans prediction markets Polymarket and Kalshi
Spain's consumer rights ministry temporarily banned U.S.-based prediction market operators Polymarket and Kalshi for operating in the country without a gambling licence, the official state gazette showed. The ministry said the gambling watchdog opened a probe into the companies for lacking mandatory administrative authorisation and that the ban will last an estimated three or four months until the probe is completed. The ministry cited missing technical and regulatory safeguards, including identity verification and access controls for minors and self-excluded users. Spain and other European jurisdictions treat prediction markets as gambling, and the markets have grown into a multi-billion-dollar industry.
Spain temporarily banned Polymarket and Kalshi for lacking a gambling licence
Context
The ministry opened a probe because the firms lacked mandatory administrative…
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