Romania’s National Gambling Office has added Polymarket to its blacklist of unauthorized gambling operator websites.
The National Gambling Office (ONJN) added Polymarket to its blacklist as of October 29, meaning it has found that the platofrm has been conducting gambling activities without a license on Romanian territory. This comes after the prediction market saw what the ONJN deemed as “explosive growth” in the build-up to the Romanian election.
Data from Polymarket shows that Romania’s presidential elections saw transactions valued at $600 million, while the Bucharest local elections pulled in a not insubstantial $15 million. As a prediction market, Polymarket allowed users to bet on the outcome of the elections. The use in Romania echoes similar patterns that took place during the US elections.
Polymarket’s status in Romania
The ONJN has classified Polymarket as “a counterparty bet”, arguing that wagers placed on the platform include stakes, future uncertain events, counterparties (meaning users are betting against one another), and terminology on the platform around “placing bets”. In addition, Polymarket does act as an intermediary, taking a commission from placed bets without guaranteeing the odds.
“The platform does not intermediate investments,” stated the ONJGN. “It organizes bets between participants, without a license and without oversight.”
This has led to the ONJN adding Polymarket to its blacklist, reiterating that any form of online gambling must be licensed and supervised in the interest of protecting both users and the states from what it deems “major risks”. The decision is being communicated to internet service providers so that they can take action to block access to the platform for those based in Romania.
“The decision to include Polymarket on the blacklist is not about technology, but about the law,” said Vlad-Cristian Soare, the ONJN President. “Regardless of whether you bet in lei or in crypto, if you stake money on a future outcome, under the conditions of a counterparty bet, we are talking about gambling that must be licensed. ONJN will not allow blockchain to become a cover for illegal betting.”
Polymarket was briefly banned in the US, after the CFTC also determined that its activity constituted unlicensed gambling, as well as similar actions being taken in other countries such as Belgium, France, Poland, Singapore, and Thailand.
Readwrite has reached out to Polymarket for comment.
Featured image: Polymarket
The post Romania’s national gambling regulator adds Polymarket to its operator blacklist appeared first on ReadWrite.