Spain’s Ministry of Consumer Affairs opened disciplinary proceedings against the prediction market platforms Polymarket and Kalshi and ordered ISPs to block access to the platforms.
In notices published in the country’s official state gazette, Spain’s gambling regulator, the General Directorate of Gambling Regulation (DGOJ), said the companies were offering betting products linked to uncertain future events without the licenses required under Spanish law, according to local news media.
Authorities said the preventive blocking measures would remain in place while the cases continue, a process expected to take three to four months.
The notices came after regulators failed to notify the companies through known foreign addresses.
Kalshi and Polymarket currently dominate the trading activity of the prediction markets. Over the past 30 days, Kalshi recorded about $5.9 billion in trading volume, while Polymarket processed about $3.8 billion, according to DeFiLlama data.
Together, the two platforms represent nearly 88% of the approximately $11 billion in trading volume among the sector’s top markets during the period.
The move sees Spain join a growing number of jurisdictions targeting prediction markets as regulators debate whether the products should fall under gaming or financial market rules.
Indonesia blocked Polymarket earlier this week amid restrictions on online gambling, as did India. Other countries including Taiwan, Thailand, China and Japan have restricted the platform, while Ukraine blocked it with no legal recourse.
Polymarket’s list of blocked countries also includes Belgium, Australia, France, the UK and Germany. The platform is being relaunched in the US
Kalshi followed a different regulatory route in the US, where it operates under the supervision of the Commodity Futures Trading Commission (CFTC). Yet it has come under fire.
Spanish authorities said unlicensed operators may lack security measures such as identity checks, protection of minors and systems for self-excluded players.
