Spain Temporarily Bans U.S.-Based Prediction Markets Polymarket and Kalshi for Operating Without Gambling Licenses
Spain's Consumer Rights Ministry has temporarily prohibited the operation of U.S.-based prediction markets Polymarket and Kalshi in the country due to the lack of necessary gambling licenses. The ministry's gambling watchdog is investigating both companies for allegedly breaching local regulations by operating without the required administrative authorization. The ban is anticipated to last for three to four months until the investigation is concluded.
The ministry highlighted that unauthorized operators like Polymarket and Kalshi do not have essential technical and regulatory safeguards in place. These include identity verification systems, access controls to prevent minors and individuals who have self-excluded or are banned from gambling from participating, and standards to ensure user protection.
Investing.com's ProPicks AI is revolutionizing the stock market by offering winning stock portfolios selected by advanced AI technology. The Tech Titans strategy, Investing.com's flagship portfolio, outperformed the S&P 500 by doubling its returns in just 18 months. Notable winners in this strategy include Super Micro Computer with a 185% increase and AppLovin with a 157% rise. Stay tuned to discover which stock will be the next to experience significant growth.