Author: Tim Alper
Compiled by: Deep Tide TechFlow
Deep Tide Insight: Argentina's traditional casino industry association and the National Lottery have jointly sued Polymarket, successfully persuading the Buenos Aires court to issue a nationwide ban—with the reason being "operating a gambling platform without a license."
This is not just a regulatory action by one country but a standard playbook for traditional gambling interest groups using existing regulatory frameworks to target crypto prediction markets. France and Romania have already taken similar steps.
Full Text Below:
- The Buenos Aires City Court's ban on Polymarket applies nationwide.
- Prosecutors claim Polymarket operates without a gambling license.
- The Buenos Aires legislature is discussing a bill proposing a complete ban on cryptocurrency gambling.
Argentine gambling authorities and casinos have successfully persuaded the court to issue a nationwide ban on the crypto-driven prediction market platform Polymarket.
The Buenos Aires City Court issued this nationwide ban following formal complaints from the Buenos Aires City Lottery and the Chamber of Casino Halls, Bingo Halls, and Affiliated Entities of Argentina (CASCBA).
The City Lottery is a state-owned enterprise responsible for regulating, licensing, and taxing all active gambling operators within Buenos Aires. CASCBA is an industry association representing land-based gambling operators in Argentina, including casinos and bingo halls.
"Internet service providers have been instructed to take the necessary measures to enforce the ban," the Buenos Aires City Prosecutor's Office told Paginá 12, an Argentine media outlet.
The ban comes amid criticism of Polymarket's recent betting on Argentina's inflation data—with some suggesting that certain users may have had access to the official data before its release.
This is another setback for Polymarket and other crypto prediction markets, which have already faced resistance from courts and gambling regulators in the United States. In January, a court in Massachusetts banned Polymarket's competitor, Kalshi, from operating in the state for "non-compliance" with sports betting rules.
"Unlicensed Sports Betting"
The legal cases filed by the City Lottery and CASCBA revolve around the same core argument: Polymarket allows residents of Buenos Aires to place bets on an unlicensed platform.
This complaint was supported by prosecutors, with the Prosecutor's Office assigning a team specializing in gambling cases to this matter.
Prosecutors informed the court that the platform "operates as a clandestine online gambling system" and does not require users to complete identity or age verification.
"This means anyone, including children and adolescents, can access the platform and start betting without any control mechanisms," the prosecutors told the court.
Controversy Over Crypto Gambling
Prosecutors also complained that Polymarket allows Argentine users to place bets using cryptocurrencies and credit cards.
In Buenos Aires, gambling companies can offer cryptocurrency and credit card gambling services but must obtain a special permit from the City Lottery.
However, the legislature has expressed strong opposition to companies allowing customers to gamble using credit or cryptocurrencies.
Lawmakers in the capital are currently discussing a private member's bill seeking to completely ban the use of cryptocurrencies and credit cards by online casinos and other gambling websites.
Polymarket has previously faced bans from courts in France, Romania, and other European countries.
The platform still offers odds on several Argentina-related markets, including whether the country will adopt the U.S. dollar by its self-imposed June 30 deadline. It also provides odds on whether President Javier Milei will complete his full term before the 2027 election.
Polymarket did not immediately respond to requests for comment.
