Polymarket has been sanctioned for violating Dutch gambling laws, Cointelegraph reported on Feb. 20 local time.
The Dutch Gambling Authority said Polymarket's Dutch unit, Adventure One, provided illegal betting. It imposed a fine and ordered an immediate halt to operations. It said a penalty of up to $990,000 would be imposed if the company does not comply. Dutch Gambling Authority director Ela Seizener said, "Prediction markets are also spreading in the Netherlands, but such betting cannot be offered even by licensed operators."
Polymarket is facing similar pressure in the United States. The chairman of the U.S. Commodity Futures Trading Commission (CFTC) said it would "maintain exclusive federal-level regulation of prediction markets" and criticised state intervention. But individual states, including New York, are pursuing lawsuits, treating prediction markets as sports gambling.
Chi-gyu Hwang
delight@d-today.co.kr