The Spanish Ministry of Consumer Affairs has opened disciplinary proceedings against the prediction market platforms Polymarket and Kalshi and ordered Internet service providers to block access to these platforms.
In notices published in the country’s Official 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 by Spanish law, according to local media.
Authorities said the preventive blocking measures would remain in place while the cases moved forward, a process expected to take three to four months.
The notices came after regulators failed to notify companies via known foreign addresses.
Kalshi and Polymarket currently dominate the trading activity of prediction markets. Over the past 30 days, Kalshi recorded a trading volume of around $5.9 billion while Polymarket processed around $3.8 billion, according to DeFiLlama data.
Together, the two platforms accounted for nearly 88% of the approximately $11 billion trading volume across the industry’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 gambling or financial markets rules.
Indonesia blocked Polymarket earlier this week over restrictions on online gaming, as did India. Other countries, including Taiwan, Thailand, China and Japan, have restricted the platform, while Ukraine has blocked it with no legal way to return.
Polymarket’s list of blocked countries also includes Belgium, Australia, France, the United Kingdom and Germany. The platform is relaunching in the USA
Kalshi has followed a different regulatory path in the United States, where it operates under the supervision of the Commodity Futures Trading Commission (CFTC). However, he is under fire from criticism.
Spanish authorities have said unlicensed operators could lack safeguards such as identity checks, protections for minors and systems for self-excluded players.
