- Buenos Aires City Court’s ban on Polymarket applies nationwide.
- Prosecutors said Polymarket operated without a betting permit.
- Buenos Aires lawmakers debating bill that proposes crypto betting ban.
Argentine gambling regulators and casinos have succeeded in convincing a court to issue a nationwide ban on the crypto-powered betting site Polymarket.
The Buenos Aires City Court issued a nationwide ban on the platform following two official complaints from the Buenos Aires City Lottery and the Argentine Chamber of Casino Halls, Bingo Halls and Annexes, also known as CASCBA.
The lottery, a state-owned firm, regulates, grants permits to, and taxes all gambling operators active in Buenos Aires. CASCBA, meanwhile, is an industry group that comprises Argentinian land-based gaming operators, including casinos and bingo halls.
“Internet providers have been instructed to take the necessary steps to enforce the ban,” the Buenos Aires Public Prosecutor’s Office said, per Argentinian media outlet Paginá 12.
The ban comes after critics hit out at Polymarket bets on Argentine inflation data last week, suggesting some customers may have obtained official government data prior to its publication.
It also marks another setback for Polymarket and other crypto-powered prediction markets, which have already faced pushback from courts and gambling regulators in the United States. In January, a court in Massachusetts banned Polymarket rival Kalshi from operating in the Bay State for “failing to play by” its sports betting rules.
‘Unlicensed sports betting’
Both the lottery and CASCBA’s legal cases centred around the contention that Polymarket allows Buenos Aires residents to place bets on an unlicensed platform.
The complaint won the backing of public prosecutors, who assigned members of their dedicated gambling prosecution team to the case.
Prosecutors told the court the platform was “functioning as a secret online betting system” and did not require users to complete identity or age verification checks.
“This meant that anyone, including children and adolescents, could access the platform and start betting without any kind of control mechanism in places,” prosecutors told the court.
Crypto betting controversy
Prosecutors also complained that Polymarket allowed Argentine customers to place bets using cryptocurrencies and credit cards.
While gambling firms can offer crypto and credit card betting in Buenos Aires, they must obtain a special permit from the lottery to do so.
But lawmakers have already expressed their disdain for firms that let customers gamble on credit or by using crypto.
Deputies in the Argentine capital are currently debating a private member’s bill that seeks to ban the use of crypto and credit cards completely for online casinos and other betting sites.
Polymarket has already faced blocking orders from courts in France, Romania, and other European nations.
The platform currently offers odds on a range of Argentina-related markets, including whether the country will adopt the US dollar before its own June 30 deadline.
It also offers odds on President Javier Milei’s chances of serving the full term of his presidency before the 2027 general election.
Polymarket did not immediately respond to a request for comment.
Tim Alper is a News Correspondent at DL News. Got a tip? Email him at tdalper@dlnews.com.