The announcement, made by gambling regulator Coljuegos earlier this week, focused on the platform’s markets that allow betting on political elections.
Regulators stated that Polymarket does not hold the required licence to operate in Colombia and has ordered all internet service providers to block access to the site.
Alongside the block order, Coljuegos opened an investigation into the company and its local activities.
Coljuegos president Marco Emilio Hincapié emphasised that the country views prediction markets as no different from traditional gambling, despite claims from the platform’s supporters that the activity is a form of trading or forecasting.
According to Hincapié, this distinction is misleading and carries risks of gambling-related harm.
He reminded the public that all operators of games of chance in Colombia require official authorisation from the regulator.
Any website that attempts to bypass this framework, he added, is considered illegal.
Polymarket, backed by prominent investors such as Donald Trump Jr. and NFL running back Saquon Barkley, has faced similar prohibitions in other parts of the world.
Authorities in France, Switzerland, Belgium, Singapore, Taiwan, and Poland have already taken steps to restrict access to the platform.
Tens of thousands of sites blocked
To date, Coljuegos has requested the blocking of more than 28,000 unlicensed websites and announced plans to add another 3,000 by the end of this year.
The regulator also highlighted the financial importance of maintaining the integrity of the legal market.
Just 14 licensed online gambling companies are currently authorised to operate in Colombia, including Betano, Betplay, Betsson, BingoCasinos, Bwin, Codere, Luckia, Rivalo, Rushbet, Sportium, Stake, Wplay, YaJuego, and Zamba.
These companies, Hincapié said, have already contributed COP257bn (€56.5m) in funds for subsidised healthcare this year, in addition to nearly COP783bn (€172.3m) in value-added tax revenue.
Coljuegos argued that blocking illegal sites helps alleviate the threat posed to the regulated sector, which supports essential public services.
Polymarket has attracted scrutiny worldwide for allowing users to wager on issues ranging from political elections to cultural events, with transactions settled in cryptocurrency.
In the US, where the platform is preparing a return to the market after previously withdrawing due to regulatory pressure, supporters argue that prediction markets provide forecasting value.
Critics, however, say that framing them as trading obscures their inherent risks and exacerbates gambling addiction concerns.
Regulators in Colombia echoed this latter view, stating that Polymarket’s activities fit squarely within the definition of unlicensed gambling and therefore fall under the state’s strict oversight.
Dingnews.com 03/10/2025