Spain has taken a decisive stand against unlicensed online betting by directing internet service providers to restrict access to two high-profile prediction platforms. The country’s gambling oversight body issued the order on May 26, citing that both platforms operate without the necessary gambling authorization under Spanish law. The restriction is anticipated to be enforced within a week to ten days, and during a formal probe that could span three to four months, the sites will remain inaccessible.
The regulatory action targets platforms that allow users to place monetary bets on uncertain events, which Spanish authorities classify as gambling activities. Officials pointed out that these services lack essential safeguards such as age verification, identity checks, and self-exclusion options that are mandatory for all licensed gambling operators in Spain. The legal framing underscores that the use of blockchain or cryptocurrency does not exempt platforms from these requirements.
The timing of the crackdown has been influenced by recent political developments. One of the platforms introduced a market speculating on the early collapse of Prime Minister Pedro Sánchez’s government, while the other gave Sánchez a 29% chance of leaving office in 2026. These markets quickly gained traction on social media, prompting regulators to expedite their review. Spain now joins a growing list of nations, including Brazil, Indonesia, India, Portugal, Argentina, and Belgium, that have taken similar steps against prediction markets in 2026.
The global trend reflects a broader regulatory push to treat prediction markets as gambling rather than innovative financial instruments. In the United States, the Commodity Futures Trading Commission has defended the legality of one platform under its oversight, creating a fragmented regulatory landscape. Meanwhile, enforcement around anti-money laundering compliance is intensifying, with authorities increasingly viewing these platforms as financial intermediaries that must adhere to strict regulations. The combined valuations of the two platforms exceed $37 billion, and they have processed billions in trading volume on events ranging from elections to sports. While the crackdowns do not shut down these businesses, they significantly curtail their reach in Europe and other regions.