Key Moments:
- Fecoljuegos has asked Coljuegos to prohibit Polymarket’s operations in Colombia due to alleged illegal political betting activities.
- Concerns have been raised about the platform’s impact on electoral trust and the potential for undermining democracy.
- The use of cryptocurrencies by Polymarket is said to increase financial risk and circumvent local consumer protections.
Call for Regulatory Action
The Colombian Federation of Gaming Entrepreneurs (Fecoljuegos) has formally appealed to the national gaming regulator, Coljuegos, to enforce an immediate ban on the cryptocurrency prediction market Polymarket. Fecoljuegos claims that Polymarket hosts unauthorized betting on the result of Colombia’s 2026 presidential election, a practice viewed as illegal under local laws.
Polymarket allows users to place wagers on political, economic, and social outcomes across the globe using digital currencies. Fecoljuegos argues that Colombian law currently permits only certain regulated gambling activities, such as casino games, roulette, bingo, poker, and betting on real sporting events. As political wagering is not included in those categories, Fecoljuegos holds that Polymarket’s services violate existing gaming regulations and are subject to administrative, legal, and even criminal penalties.
After banning the release of political and election polls, Colombia is now looking to ban Polymarket. pic.twitter.com/81YfrR6LdO
— Mick Bransfield (@MickBransfield) September 25, 2025
Fears Over Election Transparency
Evert Montero Cárdenas, President of Fecoljuegos, voiced concerns about Polymarket’s operations within the country, stating that election betting could threaten the democratic process. He indicated that wagering on election outcomes carries risks of shaping public perception, manipulating polls, and spreading misinformation, all of which could weaken the integrity of elections and public confidence in democratic institutions.
According to Fecoljuegos, unauthorized online betting platforms could unpredictably disrupt electoral transparency and accountability in Colombia.
Potential Financial and Consumer Risks
The organization highlights that Polymarket’s exclusive use of cryptocurrency is a major concern, as such digital assets are not approved for gambling purposes in Colombia. Fecoljuegos underscored issues around transparency, anti-money laundering compliance, and consumer safeguards. They warned that without proper licensing or oversight, Colombian participants face financial risks and have no legal protections or recourse should losses occur.
Fecoljuegos urged immediate action by Coljuegos and other regulatory authorities to block access to Polymarket and prevent illegal political wagering, emphasizing the need to uphold market credibility, protect consumers, and maintain the fairness of electoral processes. “We cannot allow unregulated platforms to ruin citizen trust or steal money that can benefit the country“, added Montero Cárdenas.
Implications for the National Gaming Sector
This case highlights the regulatory challenges presented by gambling platforms that operate outside traditional legal borders using global internet access and cryptocurrency technologies. Fecoljuegos’ initiative underscores the importance of robust regulation to shield both the licensed gaming market and democratic procedures in Colombia. The incident exemplifies the broader effort by industry associations and authorities to enforce legality, transparency, and consumer protection within a changing gaming sector.
By acting early, Fecoljuegos aims to assert Colombia’s regulatory scope and prevent unauthorized activities from damaging the local gaming landscape and the nation’s democratic values.
Summary Table: Fecoljuegos’ Main Concerns Regarding Polymarket
| Issue | Description |
|---|---|
| Legal Compliance | Polymarket’s political betting is not covered by current gambling regulations. |
| Democratic Integrity | Election betting may erode trust in electoral processes and institutions. |
| Consumer Protection | Participants using cryptocurrencies face financial risks with no available legal protections. |
| Anti-Money Laundering | Cryptocurrency transactions complicate regulatory oversight and AML enforcement. |
- Author
Daniel Williams
