Key Moments:
- Romania’s ONJN has blacklisted Polymarket due to a significant surge in unlicensed betting activity during recent elections
- Estimated transaction volumes on Polymarket exceeded $600 million for the presidential election and $15 million for Bucharest local elections
- Romania has joined Belgium, France, and Poland in enforcing restrictions or blocking access to Polymarket’s event-trading platform
Regulators Respond to Escalating Activity
The National Office for Gambling (ONJN) of Romania has taken firm action against Polymarket by adding the blockchain-driven event trading platform to its blacklist. This move follows a substantial increase in unlicensed betting observed during recent presidential and local elections in the country.
The ONJN reported that user engagement on Polymarket surrounding both the presidential and Bucharest’s local elections reached unprecedented levels. Transaction volumes topped $600 million during the presidential race and $15 million during the local contests. While these sums reflect total trading volumes, not singular bets, authorities cited them as evidence of widespread betting activity outside state control.
ONJN’s Legal and Regulatory Position
According to regulators, Polymarket operates in a manner consistent with a counterparty betting operator, despite its self-identification as an “event-trading” or “prediction” platform. Its business model, which allows users to wager on various future outcomes in exchange for a commission, requires a Romanian gambling license.
The ONJN argues that unlicensed gambling platforms undermine critical safeguards, including player protection, anti-money laundering checks, and fiscal regulation. Additionally, these operations threaten the country’s exclusive regulatory structure for gambling.
“It would be a reckless precedent to allow counterparty betting to be reclassified as trading,” the Office said, cautioning that Polymarket’s image as a “smart betting alternative” brings substantial regulatory challenges.
The authority also reiterated that both participating in and promoting unlicensed gambling is a misdemeanor under Government Emergency Ordinance 77/2009 and may result in fines for users and promoters.
Enforcement Cascades Across Europe
Romania’s move places it among other European countries enacting enforcement against Polymarket. Authorities in Belgium, France, and Poland have already limited or blocked the platform’s operations.
| Country | Regulatory Action Taken | Date/Reference |
|---|---|---|
| France | Geo-blocking after investigation by ANJ into a €30 million U.S. presidential election prediction bet | 2024 |
| Poland | Added polymarket.com to Register of Illegal Gambling Domains, enforced ISP/payment blocks | — |
| Belgium | KSC blacklisted platform after repeated Gambling Act violations | January 2025 |
| Romania | ONJN blacklisted following election betting surge | — |
These actions highlight a coordinated approach throughout the European Union: prediction markets involving monetary stakes on uncertain outcomes are considered gambling under regulatory guidelines, regardless of settlement method.
Sustained Regulatory Pressure for Polymarket
Despite a rapid international expansion, Polymarket remains unlicensed within the European Union and European Economic Area. In the United States, the Commodity Futures Trading Commission imposed sanctions, resulting in restricted access for American participants.
CEO Shayne Coplan has commented on ambitions to grow “within regulated frameworks” following Polymarket’s $112 million acquisition of QCEX, a CFTC-licensed platform. Nevertheless, European regulators continue to scrutinize Polymarket’s operations, and the platform functions without authorization in these jurisdictions.
With Romania joining three other national authorities, a clear message resonates across the EU: event-driven prediction markets like Polymarket must adhere to gambling laws and secure proper licensure before operating.
- Author
Daniel Williams
