Spain’s gambling watchdog opened sanctioning proceedings against Polymarket and Kalshi, ordering precautionary blocks on both platforms while it investigates whether the unlicensed operators violated the country’s gambling law.
Key Takeaways:
Spain’s DGOJ moved to block Polymarket and Kalshi within 7 to 10 days.Polymarket faced €420K weekly fines in the Netherlands after the Feb. 2026 action.Kalshi closed a $1B Series F on May 7 as CFTC backs US prediction markets.While European jurisdictions are converging on gambling classification with formal blocks, with Spain’s move being the latest in a lengthening line, the CFTC in the United States is asserting federal derivatives-markets jurisdiction with growing assertiveness in court. Whether the two regimes can coexist for cross-border platforms, or whether Polymarket and Kalshi will have to choose markets, is becoming an open structural question.
