Court in Buenos Aires orders blocking of Polymarket in Argentina

A court in Buenos Aires has ordered the blocking of the prediction platform Polymarket and in Argentina instructed technology giants Google and Apple to remove access to its mobile applications in the country, according to a statement released Monday by prosecutors.

The order was issued by Judge Susana Parada following an investigation led by Prosecutor Juan Rozas of the city’s specialised gambling prosecution office.

Polymarket is widely described as the world’s largest prediction market platform, allowing users to buy and sell shares linked to the probability of real-world events occurring,  ranging from election outcomes to military attacks.

However, prosecutors in the capital concluded the site “operated as a concealed online betting system” and did not require identity or age verification, allowing accounts to be created within minutes.

“This meant that anyone – including children and adolescents – could access the platform and begin betting without any kind of control,” read the statement.

The investigation began after a complaint filed by the Lotería de la Ciudad de Buenos Aires, the city’s gambling regulator, which warned that the platform was operating without authorisation in the jurisdiction. 

Authorities also noted that the company lacked licences in any jurisdiction, according to checks carried out with the Asociación de Loterías Estatales de Argentina.

The ruling also instructs the ENACOM (Ente Nacional de Comunicaciones) telecoms regulator  to require Internet service providers to block access to the site nationwide. In addition, Google and Apple must remove or restrict access to the Polymarket application on their Android and iOS operating systems.

Investigators said the platform also allowed transactions using cryptocurrencies and credit cards without the regulatory controls required for the gambling sector.

The decision became public after controversy erupted in Argentina over betting activity linked to the country’s monthly inflation data.

Shortly before the official release of February inflation figures by the INDEC national statistics bureau on Thursday, most private analysts had forecast a slowdown in the range of 2.6 to 2.8 percent.

However, around 20 minutes before the official report – which ultimately showed inflation at 2.9 percent – financial projections on international prediction platforms shifted sharply towards the higher figure.

On the Polymarket contract linked to Argentina’s February inflation reading, trading volume surged to nearly US$91,000 before the data was published, fuelling speculation among some market observers that the official index may have leaked ahead of its release.

Polymarket has already been blocked in France, Italy, Germany and several other European countries.

– TIMES/AFP/NA