Polymarket is blocked in Portugal. In January 2026, Portugal’s national gambling regulator — the SRIJ (Serviço de Regulação e Inspeção de Jogos) — ordered Prophet, Inc. to cease operations in the country, following a surge in betting on Portugal’s presidential election. Crucially, unlike many countries on Polymarket’s restricted list, this is a government-imposed block, not a Polymarket geoblock: Polymarket itself does not geoblock Portuguese IP addresses.
Current Status: Blocked (Government-Imposed)
Portugal’s status is blocked (country-imposed). The restriction originates from the Portuguese government, specifically the SRIJ, which ordered Polymarket to shut down within 48 hours in January 2026.
Portugal stands apart from France and Spain because the block is not a Polymarket compliance decision. The platform has continued to operate globally, and Polymarket does not geoblock Portuguese IPs. The block operates at the national level rather than on the platform itself. Because the restriction is government-side, the site can remain reachable by users who route around the block (for example by adjusting DNS settings or routing their connection through another location), though this carries legal grey-area risk.
The SRIJ’s action came after bets placed on the outcome of Portugal’s January 18, 2026 presidential election on Polymarket exceeded €103 million (~$120 million). The regulator stated the platform had no licence to offer betting in Portugal and was operating illegally.
Why Portugal Blocked Polymarket
The Presidential-Election Betting Surge
The decisive trigger was the €103 million in bets placed on Polymarket around Portugal’s presidential election. The SRIJ said it only recently became aware of the scale of activity, and responded by ordering Polymarket to cease operations within 48 hours. The regulator reported that it was also considering further measures, including instructing internet service providers (ISPs) to block access.
Decree-Law 66/2015 (Online Gambling Regime)
Portugal’s online gambling framework — Decree-Law 66/2015 (the legal regime for lottery, mutual betting, and online gambling) — is narrow in scope:
- Only sports betting, casino games, and horse racing may be offered legally
- Operators must hold a licence granted by the SRIJ
- Betting on political events and other real-world outcomes is explicitly prohibited
- Unlicensed gambling services are considered illegal
The SRIJ’s position on Polymarket was direct: “The website is not authorized to offer betting in Portugal, as national law prohibits betting operations regarding political events, be they domestic or international.” Prediction markets, which let users bet on elections, economics, and world events, fall squarely outside the permitted categories.
Portuguese Alternatives
Portugal has a legal, SRIJ-licensed betting market for sports and casino play, but no legal prediction-market equivalent:
| Platform | Type | SRIJ Licensed | Notes |
|---|---|---|---|
| Betano | Sportsbook, casino | Yes | Major operator, strong in Portugal |
| Betclic | Sportsbook, casino | Yes | European-wide operator |
| Winamax | Sportsbook | Yes | Also active in Portugal |
| Sol Verde / bwin | Sportsbook, casino | Yes | Long-established local presence |
Key limitations:
- No prediction markets — political and economic event betting is illegal
- No betting exchanges — Portugal does not licence exchange-style platforms
- Sports betting is offered against the house, not peer-to-peer
- Full KYC required on all licensed operators
For event-driven trading with a Polymarket-like model, no legal Portuguese-equivalent exists.
Accessing Polymarket from Portugal
Polymarket restrictions are based on IP address, and there is no KYC or identity verification on the platform. Because Portugal’s block is government-imposed rather than a Polymarket geoblock, Polymarket does not itself restrict Portuguese IPs — the restriction exists on the Portuguese side of the connection. Some users in this situation access international platforms by routing their internet connection through a different geographic location or adjusting DNS settings. This is a common practice for accessing global financial and information services, though it sits in a legal grey area given Portugal’s classification of prediction markets as unauthorized gambling.
If you were to access Polymarket, you would deposit USDC or any of over 20 supported tokens — Polymarket converts deposits to PUSD (its own dollar-pegged stablecoin) on arrival. Portuguese users typically fund via a major European crypto exchange:
| Exchange | EUR Deposits | Notes |
|---|---|---|
| Binance | SEPA, MB WAY, card | Largest by volume; operates under MiCA in the EU |
| Kraken | SEPA (Instant) | Low fees, good USDC liquidity |
| Coinbase | SEPA, card | Coinbase Connect works with Polymarket |
| Bybit | SEPA Instant, card | MiCA-authorized CASP with strong EUR support |
Most major exchanges operating in Portugal now hold a MiCA (Markets in Crypto-Assets Regulation) authorisation, with Banco de Portugal as the national competent authority. Crypto trading itself is legal and regulated in Portugal — the restriction concerns prediction markets specifically.
Tax Implications
Portugal’s crypto tax treatment changed significantly in 2023, ending its long status as a “crypto tax haven.”
Short-Term vs Long-Term Gains
- Crypto assets held for less than one year (about 365 days) are subject to a flat 28% capital gains tax
- Crypto assets held for more than 365 days are generally exempt from capital gains tax
- Taxable gains are computed on the difference between the sale/disposal value and the acquisition value
Reporting
- Gains and crypto income must be declared in the annual IRS (income tax) return
- There is no withholding on foreign-platform trades — you are responsible for self-reporting
- Keep detailed records of all purchases, sales, transfers, and the relevant conversion rates
What You Don’t Pay
- No tax on long-term holdings (held over 365 days)
- No VAT on crypto-to-crypto transfers for individuals
- Standard-rate capital gains apply only to short-term disposals
Getting Started
If you’re in Portugal and are considering Polymarket, it is important to understand the current status first:
- Check current status — Polymarket is government-blocked in Portugal as of 2026. New activity exists in a legal grey area because prediction markets are classified as unauthorized gambling under Decree-Law 66/2015.
- Understand the risk — Portugal’s SRIJ has actively pursued enforcement against Polymarket; participating in unauthorized gambling may carry legal exposure.
- Buy USDC on Binance, Kraken, or another exchange — via SEPA transfer or MB WAY
- Transfer USDC to Polymarket — via the Polygon network (low fees, thin minimum, arrives in seconds)
- Manage any existing positions — if you hold open positions, focus on closing them to limit exposure
For the complete process, see our How to Deposit on Polymarket guide.
Related Guides
- All Country Guides — Check availability for every country
- Country Availability Checker — Instant status lookup for 190+ countries
- What Is Polymarket? — Learn about the platform
- How Prediction Markets Work — Understand the mechanics
- Polymarket vs Kalshi — How Polymarket compares to Kalshi
- Polymarket Review 2026 — Full platform overview