Spain blocks prediction markets Polymarket, Kalshi over lack of gambling licence

https://www.reuters.com/business/spain-blocks-prediction-markets-polymarket-kalshi-over-lack-gambling-licences-2026-05-26/

72•thm•2h ago

Comments

kome•39m ago

well, it's gambling.

delichon•36m ago

They require no gambling license to be a stock broker on the Bolsa de Madrid stock exchange.

nyc_data_geek1•34m ago

Equities are underlying collateral. Prediction markets are literally just betting on an outcome, no underlying asset exists.

delichon•30m ago

Collateral is not uncommon in gambling (e.g. pink slips). That does not seem to distinguish gambling from speculating.

bena•8m ago

That's not collateral, that's the thing being wagered.

petcat•11m ago

What collateral is underlying the massive, state-sponsored, Spanish lottery ticket and scratch off racket?

piltdownman•7m ago

Prediction Markets act the same way as Gambling Exchange - the assets are denominated as both sides of the book minus the spread.

https://www.betfair.com/exchange/plus/

pantulis•32m ago

Even if it was the same --I think it's not-- you'll need a "SIBE operator license", and cannot do it solo, you have to be an employee of an authorized firm (bank, broker or dealer).

delichon•27m ago

It seems redundant to have two different regulatory systems for slightly different kinds of speculation.

RandomLensman•18m ago

There are all sorts of different regulatory systems for all sorts of slightly different kinds of things.

orwin•14m ago

I think it's fine. Here renting (or teaching) light sails (light catamaran) needs a different license than renting (or teaching) any sail cruiser, including catamarans, despite being basically the same object (boats with sails). Feels that the small differences are enough to justify a different regime.

wsatb•22m ago

How do you defend these slimey companies? They’re actively running a mob casino and you still have people acting like government is the bad guys here. That doesn’t mean there can’t be better regulation of other markets, but comparing prediction markets to stock markets is a huge stretch.

delichon•14m ago

Disagree, I find their product valuable and use them daily as a source of unusually high quality predictions. When used for this purpose insider trading is a feature that improves the quality of predictions. I see some fraud as in any market, but the overwhelming majority of transactions are voluntary, open and relatively informed within a highly transparent system.

I think that self fulfilling prophecy attempts by deep pockets trying to sway markets by bucking trends generally transfers money from more to less foolish bettors.

rtkwe•17m ago

It's not like equities markets are unregulated, be serious.

lifestyleguru•9m ago

Your comment explains long queues to lottery ticket offices every time I visit Spain:)

deaton•35m ago

Oh so finally someone is calling a spade a spade.

solenoid0937•31m ago

These - especially Polymarket - should be illegal globally, as they incentivize people with power to manipulate the real world in horribly destructive ways to win a bet.

I would not be surprised if people are murdered at some point to reap the payout of some related bet.

hmry•26m ago

Yeah. You aren't allowed to set up a life insurance policy on someone else's life, or a fire insurance policy on someone else's home. For obvious reasons. But buying an event contract that pays if someone dies or someone's house burns down is fine?

petcat•21m ago

> should be illegal globally

Let's not pretend that Spain of all places is caring about horribly destructive psuedo-gambling.

Banning "unregulated gambling" is just pressure to make sure that the Spanish gambling racket stays intact for the bookies already at the top.

amelius•18m ago

Someone should place a bet on the lifespan of the polymarket founders.

piltdownman•11m ago

Prop betting on a transparent and equitable Exchange is a perfectly reasonable and egalitarian proposal - it's the Betfair Exchange vs Betfair Sportsbook model expanded outside of the scope of sports.

Allowing prediction markets to overlap with criminal incentives is a platform TOS and moderation problem; not a prediction market or betting exchange problem.

josefritzishere•30m ago

Well, that makes perfect sense. The whole world will eventually do the same. gambling with software is still gambling, just like accounting with software is still accounting.

jespinel•17m ago

Governments should not interfere with the private decisions of adults. If people want to gamble, let them. If you do not like gambling, then do not gamble. But do not use the government to force your "moral/ethical" preferences on everyone else.

peer2pay•9m ago

Yeah great idea! Let’s also just legalise recreational fentanyl while we’re at it

akramachamarei•5m ago

Yes

_diyar•16m ago

These services run on the blockchain, right? So in effect, there is no blocking them.

jdiez17•13m ago

You can block the web user interface and effectively block Polymarket for 99.9% of users. No ban is ever 100% effective.

piltdownman•9m ago

Off-ramping to fiat would be criminalised and pursued beyond the wildest dreams of La Liga/Cloudflare. A gambling site you can't withdraw your winnings from is of no interest to anyone.

ai_slop_hater•4m ago

Do stock markets have gambling licenses?

throwawa1•4m ago

When I see people making money on Iran attacks, and murder of heads of state - it shows clearly something is deeply wrong with Polymarket. Its a level worse than Vegas or Indian casinos. A literal ticket to hell. I'm all for banning these evil sites.

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Spain blocks prediction markets Polymarket, Kalshi over lack of gambling licence

Comments

GitHub Actions down again today

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