Lithuanian Regulator Blocks Polymarket as First Restricted Prediction Market Platform
Lithuania’s gambling authority has blocked Polymarket. Polymarket is the first in its sector to be restricted by Lošimų priežiūros tarnyba (LPT) as the regulator views its operations as a cover for illegal gambling. European hopes may rest in Gibraltar and the UK with the Financial Conduct Authority (FCA) set to review whether consumers should have greater access to investments.
SCCG Take — Regulators continue to fold prediction markets into gambling rules absent dedicated frameworks. Operators should track Gibraltar and UK developments for viable compliance routes.
Lithuania’s gambling regulator has blocked Polymarket, marking the first time the Lošimų priežiūros tarnyba (LPT) has restricted a prediction market operator. The LPT views the platform as a cover for illegal remote gambling conducted without a license.
The regulator secured a decision from the Regional Administrative Court. It then issued binding instructions to communication service providers to block website access and to payment service providers to terminate all transactions with the operator, Adventure One QSS, Inc.
Lithuania’s Classification of Polymarket Activity
“Although the website stated that it provided the opportunity to participate in a “prediction market” – a system in which participants trade with each other by buying or selling their predictions of the outcome of an event, the investigation identified signs of gambling – betting,” the LPT said. “Such gambling was organised without a license and permit.”
The authority has now blocked 2,204 illegal remote gambling websites. The European Gaming and Betting Association previously alleged that local fintech Walletto facilitated transactions to unlicensed operators. The Blask Index estimates Lithuania’s Competitive Earnings Baseline at $284.2m (£212m), with nine of the country’s most prolific bookmakers lacking a local licence.
Wider Restrictions on Polymarket Across Jurisdictions
The platform has faced blocks in South Korea following a month-long dispute last month. Regulators in France, Spain, Germany, Italy and the Netherlands have also forbidden citizen access. European prospects may rest in Gibraltar’s regulated prediction markets framework and the UK, where the Financial Conduct Authority (FCA) is set to review consumer access to such investments, according to reporting by SBC News.
The LPT described the Polymarket block as a step toward improved channelisation rates in Lithuania.
Reporting: SBC News
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