Portugal gives Polymarket 48 hours to exit after election betting surge
Portugal’s gambling regulator has ordered Polymarket to cease operations after the platform recorded more than €100m ($116m) in bets tied to the country’s presidential election.
Portugal’s gambling regulator has ordered Polymarket to cease operations after the platform recorded more than €100m ($116m) in bets tied to the country’s presidential election.
The operator received approximately $25m of net proceeds from offering shares of High Roller common stock, prior to deducting fees for the placement agent and offering expenses.
The NGCB requested the court grant a declaration and injunction to prohibit the prediction markets operator from offering ‘unlicensed wagering’ in violation of Nevada law.
Bee brings extensive experience in public policy, government relations and consumer protection.
The sports media platform is currently owned by Spike Up Media and will look to grow customer acquisition and brand awareness of High Roller’s prediction markets product in the US.
NCAA President Charlie Baker has urged the Commodity Futures Trading Commission to immediately suspend all college sports offerings in prediction markets until appropriate regulatory safeguards are established.
The event contracts made available to consumers on the High Roller platform will be offered by CDNA, a CFTC-registered exchange and clearinghouse as well as an affiliate of Crypto.com.
A second federal class action case has been filed in the District Court of Southern New York, while a temporary restraining order will allow Kalshi to continue trading in Tennessee.
Both organizations stated the ‘congressional consideration’ of crypto market structures provide an ‘important, bipartisan opportunity’ to prevent unregulated prediction market activity.
A Kalshi spokesperson has confirmed the appointments of Sean Maloney and Patrick McHenry to the helm of the recently formed trade association.