Polymarket has been blocked in Turkey after the country’s National Lottery Administration (Milli Piyango İdaresi) classified the platform as offering illegal betting services.
Turkey’s decision follows similar actions in other jurisdictions. Across Europe, several countries have already restricted or blocked prediction markets, including France, Germany, Belgium, Romania, Switzerland, Poland, the Netherlands, Greece, Italy, Portugal, Spain, Ukraine and the Czech Republic.
Beyond concerns over its legal classification, Polymarket has also faced scrutiny over potential market manipulation. French regulator ANJ recently raised concerns over the platform, referring to an earlier weather-related market that resulted in a local investigation. The case involved an individual who won $34,000 amid allegations that a temperature sensor had been manipulated.
However, one European jurisdiction has taken a different approach to prediction markets. Gibraltar’s Minister for Justice, Trade and Industry Nigel Feetham announced that the jurisdiction has introduced a new regulatory framework specifically for prediction markets.
Described by Feetham as a “world first”, Gibraltar’s framework creates the first dedicated legal structure for prediction markets outside the US. The regulations focus on market integrity, innovation and consumer protection, with the aim of providing a regulated environment for the sector’s development.
Despite their rapid growth in the US, prediction markets still continue to face regulatory challenges, with several states taking legal action against platforms including Polymarket and Kalshi over allegations of offering unlicensed sports betting services.
Meanwhile, several major Wall Street banks have introduced restrictions on prediction market activity within employee codes of conduct, banning staff from placing bets linked to financial markets and political events.
Turkey froze 6,314 bank accounts linked to alleged illegal betting activity during a World Cup-related probe and detained 16 suspects
