The Spanish government has issued an order to block gambling platforms Polymarket and Kalshi, according to a report by wall street journal. The ban is being imposed as the country investigates the legality of prediction market platforms, as they operate in Spain (and everywhere else) without a gambling license.
The country’s ministry in charge of consumer affairs said it had blocked the websites as a precautionary measure pending an official investigation. The investigation will determine whether the platforms violate Spain’s gambling laws. This is set to be completed within the next four months and may mandate that these companies will require specific administrative licenses to operate.
Kalshi and Polymarket are also making waves on this side of the pond. Several US states have tried to regulate prediction market platforms or ban them outright, with the Minnesota ban set to take effect on August 1. Rhode Island, Illinois, Arizona, Connecticut, Nevada, and New Jersey have all challenged the legality of such prediction markets.
Minnesota becomes the first state to ban prediction markets.
Governor Tim Walz has signed a bill that makes operating or advertising prediction markets a felony.
This sets a huge precedent for those seeking to regulate or ban Polymarket, Kalshi and other sites.
– More Perfect Union (@MorePerfectUS) 20 May 2026
However, the federal government is having none of it. The US Commodity Futures Trading Commission (CFTC) has begun suing states for attempting to ban or regulate prediction markets. The CFTC believes that it has the sole jurisdiction to regulate these platforms, not the states. Also remember when states’ rights were a thing?
Who knows why the federal government has become so attracted to prediction markets. It’s worth noting that these platforms have come into the spotlight in recent months after suspicious activity raised concerns about insider trading in Washington.
To that end, it is quite easy for any “in the know” to rig Polymarket or Kalshi bets. case in point? A US soldier has been accused of winning more than $400,000 through gambling platforms using classified information in connection with the capture of Venezuela’s Nicolas Maduro. This happens when people gamble on real world events. Sporting events have official organizations and referees, but this is not the case in most real-world situations.
🇫🇷 Someone turned a hairdryer on a weather sensor, bet on the temperature rising at Polymarket, and walked away with $34,000. twice.
Météo France filed a complaint, Polymarket switched the sensors, and the guy is probably on the beach somewhere.
Source: PA News pic.twitter.com/Jfy15Nn2j8
– Mario Nawfal (@MarioNawfal) 24 April 2026
People are people and given half a chance they will influence real-world events, which is something these platforms certainly invite. Someone reportedly used a hairdryer to rig Polymarket weather bets in France, the hairdryer was used to heat a temperature sensor.
In any case, Kalshi and Polymarket are making money hand over fist. Kalshi was recently valued at $22 billion and Polymarket was recently valued at $15 billion.
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