Norwegian politicians and addiction experts have raised concerns over the proliferation of prediction markets. Platforms such as Polymarket and Kalshi are currently operating without regulation in Norway, prompting warnings over player protection risks, potential insider trading and wider security implications.
Socialist Left Party (SV) parliamentary representative Mirell Høyer-Berntsen believes Norway must regulate prediction markets. She recently helped present a new proposal in the Storting.
Among other measures, SV wants the government to consider whether gambling regulations should be extended to prediction markets. It is also urging an investigation into restrictions on betting linked to elections and war, as well as stronger protections for children and young adults.
Høyer-Berntsen added that prediction markets cannot be defined as ordinary gambling, as anonymous betting can take place in cryptocurrency and users can wager on a wide range of specific events.
She stated: ‘’Since we cannot track the transactions, the danger to Norwegian security and insider trading is enormous.’’
Magnus Pedersen from Gambling Addiction Norway has called for a total ban on these platforms.
He argues these platforms are aggressively marketed on social media and through collaborations with influencers.
Several European countries, including France, Spain and Germany, have already introduced bans or restrictions on such platforms, while Norway and other Nordic countries have so far held back.
Beyond Europe, South Korea’s Broadcasting and Communications Deliberation Committee is currently reviewing Polymarket over possible gambling law violations.
Indonesia recently blocked access to Polymarket, classifying it as an illegal online gambling site amid a broader national crackdown on online betting.
In March, Argentina became the first country in Latin America to block access to Polymarket.
As of April 2026, Kalshi has generated a trading volume of $178bn, representing 800% growth over the prior six months
