Spain Initiates Sanction Procedures Against Polymarket and Kalshi Over Gambling Concerns

On the 25th, Spain's Ministry of Social Rights, Consumer Affairs, and the 2030 Agenda initiated sanction procedures against the prediction markets Polymarket and Kalshi for suspected violations of gambling regulations. The authorities have raised concerns over the operation of these platforms without the necessary licenses. The Spanish gambling regulator (DGOJ), similar to other EU member states, considers prediction markets that involve betting on the outcomes of future events as inherently gambling...