The Official State Gazette (BOE) published this Tuesday the opening of a sanctioning file against the prediction and betting platforms Polymarket and Kalshi for considering them a game of chance operating in Spain without the necessary administrative license. The Ministry of Consumer Affairs has issued an order to block the websites of these two platforms in Spain as a precautionary measure until the final resolution of the file.
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Although one of their main markets is the United States, these platforms have become popular worldwide. On their websites, registered users can place bets on issues as diverse as the Russian invasion of Ukraine or Spain’s victory in the World Cup. Recently, Polymarket opened a bet on the possible early end of Pedro Sánchez’s term.
The Directorate General for the Regulation of Gambling of the Ministry of Consumer Affairs considers that prediction market platforms “have the nature of gambling” by allowing bets on uncertain issues. And for that reason, they need to have an administrative license which both Polymarket and Kalshi lack.
The Ministry of Consumer Affairs reminds that gambling operators must comply with a series of obligations, such as controlling access by minors or persons prohibited from gambling, as well as having mechanisms to control minors’ access and systems for user supervision. Obligations that these platforms do not fulfill, according to a note from the ministry.
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According to the department led by Pablo Bustinduy, the file was notified this Tuesday through its publication in the Official State Gazette (BOE), after attempts to notify the operators directly at their known addresses abroad were unsuccessful. The sanctioning process will have an estimated duration of between three and four months starting tomorrow. For now, in fact, it is possible to access the websites of both platforms.
Prediction markets are platforms where users buy and sell shares on the outcome of future events, setting prices that reflect the probability of a certain outcome occurring. This system, also known as cross betting, differs from traditional betting in that it allows users to operate among themselves within a market, while the operator acts as an intermediary, facilitating transactions and charging commissions.
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[News in development. More to come]