Colombia’s gambling regulator, Coljuegos, has ordered internet providers in the country to block access to Polymarket, a cryptocurrency-based prediction platform. Authorities said the site has been operating illegally because it does not have the required licence to offer gambling services in Colombia.

The regulator explained that Polymarket’s prediction markets are considered a form of gambling under Colombian law. The move restricts Polymarket among a growing list of international betting platforms from operating in the country.

Regulator Says Polymarket Is Illegal Gambling

In a statement earlier this week, Coljuegos confirmed it had started an investigation into Polymarket’s activities in Colombia. Marco Emilio Hincapié, the president of Coljuegos, said the country does not view prediction markets as financial trading or forecasting tools, but as gambling operations that must be regulated.

He warned that describing such platforms as prediction markets can be misleading and could expose users to gambling-related harm. He said that any website or operator that offers gambling services without a licence, is considered illegal.

Polymarket is backed by renowned investors such as Donald Trump Jr. and NFL player Saquon Barkley. However, it still faced regulatory action. Authorities in several other countries, including France, Switzerland, Belgium, Singapore, Taiwan, and Poland, have also restricted access to the platform.

Over 28,000 Unlicensed Websites Already Blocked

The move against Polymarket is part of Coljuegos effort to protect Colombia’s legal gambling market. So far, the regulator has blocked more than 28,000 unlicensed gambling websites and plans to add another 3,000 by the end of the year.

Hincapié explained that it is necessary to stop illegal gambling sites to safeguard players and the country’s economy. He noted that the legal gambling sector provides significant funding for public services, especially healthcare.

There are currently 14 licensed operators allowed to run online gambling platforms in Colombia. These include Betano, Betplay, Betsson, BingoCasinos, Bwin, Codere, Luckia, Rivalo, Rushbet, Sportium, Stake, Wplay, YaJuego, and Zamba. Together, these companies have already contributed around COP257 billion (€56.5 million) to support Colombia’s healthcare system this year, and about COP783 billion (€172.3 million) in value-added tax.

Global Scrutiny of Prediction Markets

Polymarket has received global visibility for allowing people to bet with cryptocurrency on things like elections and entertainment events. Supporters say it helps predict real-world results and improves public forecasting.

Critics say this is just gambling in disguise. They warn that calling it trading hides the risks and can cause addiction. Colombian regulators agree, saying Polymarket is unlicensed gambling and must follow national rules.

By blocking the platform, Coljuegos aims to protect consumers and the integrity of the country’s regulated gambling industry, ensuring that only approved operators can offer such services within Colombia.