Polymarket deemed to be providing illegal online gambling services
Polymarket has earned the title of being the first prediction markets platform to be blocked in Lithuania.
Lithuania’s Gambling Supervisory Authority, a department of the Ministry of Finance, issued the blocking order last week after securing court approval.
The regulator said that by issuing the site blocking order to internet service providers, it has “foiled an attempt to circumvent restrictions on illegal remote gambling”.
During its investigation, the regulator was able to create and fund an account at Polymarket, through which it placed bets with fixed odds on the outcome of sporting events. It determed this to be illegal gambling because Polymarket is not licensed in Lithuania.
The Vilnius Regional Administrative Court accepted the gambling regulator’s finding and approved the order, which also requires financial institutions to block transactions with the site and its operator, Adventure One QSS.