Spain’s Consumer Ministry opened disciplinary proceedings against prediction market platforms Polymarket and Kalshi and ordered internet service providers to block access to the platforms.
In notices published in the country’s official gazette, Spain’s gambling regulator, the General Directorate of Gambling Regulation (DGOJ), said companies were offering betting products linked to uncertain future events without the licenses required by Spanish law, according to local media.
Officials said precautionary lockdown measures would remain in place as cases progress, 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 prediction markets. In the last 30 days, Kalshi recorded approximately $5.9 billion in trading volume, while Polymarket processed around $3.8 billion, according to data from DeFiLlama.
Combined, the two platforms account for nearly 88% of the roughly $11 billion in trading volume between the sector’s top exchanges during the period.
The move sees Spain join a growing number of jurisdictions targeting prediction markets as regulators debate whether the products should be subject to financial or gambling market rules.
Indonesia blocked Polymarket earlier this week under online gambling restrictions, as did India. Other countries, including Taiwan, Thailand, China and Japan, have restricted the platform, while Ukraine blocked it with no legal way back.
Polymarket’s list of blocked countries also includes Belgium, Australia, France, the United Kingdom, and Germany. The platform is 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). Still, it has come under fire.
Spanish authorities said unlicensed operators may lack safeguards such as identity checks, protections for minors and systems for self-excluded players.
