In a landmark decision, authorities in Argentina have officially banned Polymarket, one of the world’s leading prediction market platforms.
The move follows a controversial incident involving a betting contract linked to the country’s February inflation data. A Buenos Aires court issued the order for a nationwide block, instructing the telecommunications regulator ENACOM to collaborate with internet service providers to restrict access. This ruling also mandates that Google and Apple remove the application from their respective stores for Argentine users.
Insider Leak Allegations
The investigation was triggered after suspicious activity was registered on a contract predicting February’s consumer price index. While private economists anticipated a rate of 2.7%, the National Institute of Statistics and Census (INDEC) officially reported 2.9%. Alarmingly, the betting trend on Polymarket flipped to the correct figure just 15 minutes before the official government announcement, suggesting a potential insider leak.
The case was pursued by the Specialized Prosecutor’s Office for Gambling (FEJA) following complaints from the Buenos Aires City Lottery (LOTBA) and the Argentine Chamber of Casinos and Bingo Halls (CASCBA). Prosecutors concluded that the platform functioned as an “online gambling system disguised as a prediction market.”
Global Scrutiny Increases
Argentina is now the 34th country to ban Polymarket, following a similar move by Colombia last year. Critics have flagged the platform for lacking identity and age checks, which Judge Susana Parada noted in the ruling.
Official statement from the prosecutor’s office:
“This meant that anyone – including children and adolescents – could access the platform and begin betting without any kind of control.”
Unlike regulated competitors such as Kalshi, which requires rigorous KYC checks, Polymarket’s decentralized nature allows for anonymous trading via cryptocurrency and credit cards, a factor that regulators cited as a significant risk to consumer protection.
