A court in Buenos Aires has ordered the immediate blocking of prediction market platform Polymarket across Argentina, classifying its operations as an illegal betting activity.
The ruling requires Apple and Google to remove the platform’s mobile applications from local app stores, marking a significant regulatory setback as the company continues its global expansion.
The action follows a complaint from the Buenos Aires City Lottery, with prosecutors arguing that Polymarket functions in practice as an unlicensed gambling platform.
Authorities also raised concerns over the absence of identity and age verification controls, highlighting potential exposure of minors to gambling activity.
The decision was further influenced by recent market activity on the platform. Analysts identified unusual movements linked to Argentina’s inflation index shortly before its official release, prompting concerns over a potential leak of privileged economic data.
Polymarket has already faced restrictions in several European markets, including France, Italy and Germany, as regulators take a stricter approach to prediction market models.
In Latin America, the regulatory picture remains fragmented. Brazil has yet to establish a formal framework for prediction markets, although licensed betting operators have called for tighter controls. Meanwhile, US-based competitor Kalshi has recently partnered with XP Investimentos to offer access to its platform for Brazilian clients via offshore structures.
The ruling adds to growing global scrutiny of prediction markets, as regulators and industry stakeholders continue to debate whether such platforms fall within financial trading or gambling frameworks.
