Polymarket has become the second large-scale predictions market to geoblock its services in Ireland, following increased scrutiny from the Gambling Regulatory Authority of Ireland (GRAI). Polymarket now lists Ireland as a restricted area alongside 36 other countries.
Prediction markets are online platforms that are used to trade financial contracts based on the outcomes of real-world events, such as elections and sports games.
In June’s Dublin Central by-election, roughly €4m [$4.6m] worth of wagers were placed on 12 prospective candidates on Polymarket (some of whom did not run for the seat).
The GRAI has threatened High Court action to regulate prediction markets that currently operate without a licence in Ireland.
