The Spanish government has ordered the blocking of gambling platforms Polymarket and Kalshi, according to a report from The Wall Street Journal. The ban comes as the country investigates the legality of prediction market platforms because they operate in Spain (and everywhere else) without a gaming license.
The country’s Consumer Affairs Ministry said it had blocked the websites as a precautionary measure pending an official investigation. This investigation will determine whether the platforms violate Spanish gambling laws. It is expected to be completed in the next four months and could require these businesses to need specific administrative licenses to operate.
Kalshi and Polymarket have also made waves on this side of the Atlantic. Several US states have attempted to regulate or completely ban prediction market platforms, with a ban expected in Minnesota on August 1. Rhode Island, Illinois, Arizona, Connecticut, Nevada, and New Jersey have all challenged the legality of these prediction markets.
Minnesota just became the first state to ban predictive markets.
Gov. Tim Walz signed a bill that makes it a crime to operate or advertise prediction markets.
This sets a major precedent for those seeking to regulate or ban Polymarket, Kalshi and other sites.
– A More Perfect Union (@MorePerfectUS) May 20, 2026
However, the federal government doesn’t care. The U.S. Commodity Futures Trading Commission (CFTC) has begun suing states for attempting to ban or regulate prediction markets. The CFTC believes that it has sole jurisdiction to regulate these platforms, and not the States. Also, remember when states rights existed?
Who knows why the federal government has become so enamored with prediction markets. It’s worth noting that the platforms have made headlines in recent months after suspicious activity sparked concerns about insider trading in Washington.
To this end, it is quite easy for anyone “in the know” to rig a Polymarket or Kalshi bet. Concrete example? A US soldier has been accused of using classified information regarding the capture of Venezuelan Nicolas Maduro to win more than $400,000 through gambling platforms. This is what happens when people bet on real-world events. Sporting events have official organizations and referees, but most real-world situations do not.
🇫🇷 A guy pointed a hairdryer at a weather sensor, bet on the temperature spike at Polymarket and walked away with $34,000. Twice.
Météo France has filed a complaint, Polymarket has changed sensors, and the man is probably on a beach somewhere.
Source: PA News pic.twitter.com/Jfy15Nn2j8
– Mario Nawfal (@MarioNawfal) April 24, 2026
People are people and will also influence real-world events given half their luck, something these platforms most certainly invite. Someone allegedly used a hairdryer to rig Polymarket weather bets in France, with the hairdryer being used to heat up a temperature sensor.
Regardless, Kalshi and Polymarket are making a lot of money. Kalshi was recently valued at $22 billion and Polymarket at $15 billion.
