Polymarket has restricted access to its services for users in Ireland, becoming the second major prediction market operator to do so amid increased scrutiny from the Gambling Regulatory Authority of Ireland (GRAI).
Indeed, Ireland has been added to Polymarket’s list of restricted jurisdictions, which now includes 36 other countries.
The move follows a report from RTÉ Ireland that the GRAI has begun High Court proceedings against a major prediction market operator that continued operating in Ireland despite regulatory intervention. At the time, the regulator had not disclosed the name of the company involved.
The GRAI does not currently have the authority to instruct internet service providers to block unlicensed operators. However, it is working with Coimisiún na Meán to obtain ‘trusted flagger status’, which would allow it to request the removal of websites suspected of breaching regulations.
Previously, around €4m in wagers were placed on 12 potential candidates during the Dublin Central by-election through Polymarket, including individuals who did not ultimately run for the seat.
Following suspicious betting activity on the platform in May, Irish Minister for Finance Simon Harris instructed officials to conduct a thorough review of bets placed on the by-election. Harris also raised concerns that prediction market platforms could potentially be used to facilitate money laundering.
Earlier this week, Turkey’s National Lottery Administration (Milli Piyango İdaresi) classified Polymarket as an illegal betting service and ordered its blocking.
The decisions follow 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.
In the US, Several major Wall Street banks added prediction-market betting restrictions to their employee codes of conduct
