Dutch regulators have ordered crypto prediction platform Polymarket to stop operating in the Netherlands, warning it could face fines of up to €840,000 if it fails to comply.
The decision marks the latest escalation in Europe’s widening crackdown on the platform.
Polymarket is Losing the European Market
The Kansspelautoriteit (Ksa), the Dutch gambling authority, issued a formal enforcement order against Polymarket’s operator, Adventure One QSS Inc., on Friday. The regulator said Polymarket was offering illegal gambling services without a Dutch license.
Authorities imposed a penalty of €420,000 per week if Polymarket continues serving Dutch users. The fines could reach a maximum of €840,000, with additional revenue-based penalties possible later.
“In recent months, Polymarket has been in the news frequently, especially around bets on the Dutch elections. After contact with the company about the illegal activities on the Dutch market, no visible change has occurred and the offer is still available. The Gaming Authority therefore now imposes this order under penalty,” the regulator wrote.
The regulator said prediction markets qualify as gambling under Dutch law, regardless of how the platform classifies them. It also stressed that betting on elections is prohibited entirely, even for licensed operators.
Importantly, regulators highlighted Polymarket’s activity around Dutch elections as a key concern. It warned that election betting could create societal risks, including potential influence over democratic processes.
The Netherlands’ decision follows similar action in Portugal, where regulators recently blocked Polymarket nationwide.
Portuguese authorities intervened after the platform saw heavy betting tied to the latest presidential election outcomes.
Meanwhile, several other European countries have taken similar measures. Italy, Belgium, and Romania have blocked access to Polymarket, while France restricted betting functionality.
Hungary also issued a formal ban, citing illegal gambling activity.
Prediction Markets as Financial Infrastructure or Gambling Platform?
These actions reflect a growing consensus among European regulators. Authorities increasingly classify prediction markets as gambling when they operate without licenses.
However, Polymarket’s creator, Shayne Coplan, has consistently rejected that classification. He argues that prediction markets function as financial infrastructure, similar to derivatives markets, rather than gambling platforms.
Coplan maintains that prediction markets help aggregate information and forecast real-world events. Regulators across Europe disagree.
As a result, Europe has become one of the strictest regions globally for prediction market platforms. The Netherlands’ threat of direct financial penalties signals that enforcement is moving beyond access blocks toward sustained legal pressure.
