Lithuania has taken significant action against Polymarket, instructing internet service providers to block access to the prediction markets platform. This move follows a conclusion by the country’s Gambling Supervisory Authority, which operates under the Ministry of Finance, indicating that Polymarket was offering unlicensed online gambling services.
The decision came after the Vilnius Regional Administrative Court approved the block. The gambling authority emphasized that this measure was essential to prevent any attempts to circumvent regulations concerning illegal remote gambling by restricting access to the site.
Notably, Polymarket is the first prediction markets platform to face such a ban in Lithuania. As an integral part of their investigation, the authority created and funded an account on Polymarket to explore its services, placing fixed-odds bets on various sports events. The findings from this operation led the authority to determine that Polymarket's activities constituted illegal gambling, since it lacks the necessary gambling license to operate in Lithuania.
The court validated the gambling authority’s assessment and supported its measures aimed at internet service providers for implementing access restrictions.
