The Spanish government has issued an order to block the gambling platforms Polymarket and Kalshi, according to a report by The Wall Street Journal. The ban is being instituted 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 blocked the websites as a precautionary measure pending an official investigation. This investigation will determine if the platforms violate Spain’s gambling laws. It’s set to complete within the next four months and could mandate that these companies require specific administrative licenses to operate.
Kalshi and Polymarket have also been making waves on this side of the pond. Several US states have tried to regulate or outright ban prediction market platforms, with a Minnesota ban set to take place on August 1. Rhode Island, Illinois, Arizona, Connecticut, Nevada and New Jersey have all challenged the legality of such prediction markets.
Minnesota has just become the first state to ban prediction markets.
Gov. Tim Walz has signed a bill that makes operating or advertising prediction markets a felony.
This sets a major precedent for those seeking to regulate or ban Polymarket, Kalshi, and other sites.
— More Perfect Union (@MorePerfectUS) May 20, 2026
However, the federal government isn’t having any of it. The US Commodity Futures Trading Commission (CFTC) has started suing states for attempting to ban or regulate prediction markets. The CFTC believes it has sole jurisdiction to regulate these platforms, and not the states. Also, remember when states rights was a thing?
Who knows why the federal government has become so enamoured with prediction markets. It is worth noting that the platforms have made headlines in recent months after suspicious activity has raised concerns of insider trading in Washington.
To that end, it’s fairly easy for anyone “in the know” to rig a Polymarket or Kalshi bet. Case in point? A US soldier has been charged with using classified information regarding the capture of Venezuela’s Nicolas Maduro to win more than $400,000 via gambling platforms. This is what happens when people gamble on real world events. Sporting events have official organizations and referees, but most real world situations do not.
🇫🇷 Some guy pointed a hairdryer at a weather sensor, bet on the temperature spike on Polymarket, and walked away with $34,000. Twice.
Météo France filed a complaint, Polymarket switched 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 the chance, which is something these platforms most definitely invite. Someone allegedly used a hairdryer to rig Polymarket weather bets in France, with the hairdryer being used to warm up a temperature sensor.
In any event, Kalshi and Polymarket are making money hand over fist. Kalshi was recently valued at $22 billion and Polymarket was recently valued at $15 billion.
