Polymarket geoblocks services in Ireland after gambling watchdog's High Court threat

While GRAI chief executive Anne Marie Caulfield has said the regulator deems predictive markets as black market gambling, Polymarket, Kalshi and other similar platforms have sought to brand their companies as regulated financial exchanges. File picture

Polymarket has become the second large-scale predictions market to geoblock its services in Ireland, following increased scrutiny from the Gambling Regulatory Authority of Ireland (GRAI).

Polymarket now lists Ireland as a restricted area alongside 36 other countries.

Prediction markets are online platforms that are used to trade financial contracts based on the outcomes of real-world events, such as elections and sports games.

In June’s Dublin Central by-election, roughly €4m worth of wagers were placed on 12 prospective candidates on Polymarket (some of whom did not run for the seat).

The GRAI has threatened High Court action to regulate prediction markets that currently operate without a licence in Ireland. As of July 1, 2026, any remote betting service operator must hold a GRAI license.

“The GRAI has a number of live investigations open in relation to black market gambling, with a view to potential prosecutions in due course," a spokesperson for the regulator said to the Irish Examiner.

“Following intervention by the GRAI, a major prediction market has geoblocked its service, which means that it has voluntarily restricted access to its platform from Ireland.

“Controls have been implemented to prevent the creation of new accounts by users located in Ireland, and accounts identified as located in Ireland are currently restricted from depositing funds or opening new positions."

While Polymarket, Kalshi, and similar platforms have sought to brand their companies as financial exchanges, GRAI chief executive Anne Marie Caulfield says the regulator views the platforms as gambling services

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Tánaiste Simon Harris previously raised concerns that the platforms could be used to facilitate money laundering.

“What seems to now be developing at a global scale, and indeed a rapid pace now, is a kind of wild, wild west where people are placing bets in the form of a cryptocurrency, which is secretive, murky, and in an unregulated manner,” Mr Harris said.

Mr Harris said he had asked his officials to engage in a “deep dive analysis” of the area.

Polymarket and Kalshi have both been mired in controversy over widespread accusations of users benefiting from insider trading relating to US military intervention in Iran and Venezuela.

According to the New York Times, the two companies took in €5bn of wagers for the World Cup final. Polymarket did not respond to requests for comment at the time of writing.