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The Gambling Regulatory Authority of Ireland (GRAI) has prompted Polymarket to geoblock the country, adding Ireland to a restricted list of 37 jurisdictions and making it the second large-scale prediction market to take this step.
The GRAI has threatened High Court action to regulate prediction markets operating without a license in Ireland. Since July 1, 2026, any remote betting service operator has been required to hold a GRAI license to do business in the country.
“Following intervention by the GRAI, a major prediction market has geoblocked its service, which means that it has voluntarily restricted access to its platform from Ireland. Controls have been implemented to prevent the creation of new accounts by users located in Ireland, and accounts identified as located in Ireland are currently restricted from depositing funds or opening new positions,” a spokesperson for the regulator told the Irish Examiner.
“The GRAI has a number of live investigations open in relation to black market gambling, with a view to potential prosecutions in due course,” the spokesperson added.
Prediction markets are online platforms where users trade financial contracts tied to the outcomes of real-world events, including elections and sports competitions.
During June’s Dublin Central by-election, approximately €4 million ($4.56 million) in wagers were placed on 12 prospective candidates on Polymarket. Some of the individuals listed as options did not ultimately run for the seat.
Polymarket, Kalshi and similar platforms have positioned themselves as financial exchanges. GRAI Chief Executive Anne Marie Caulfield said the regulator instead classifies the platforms as gambling services.
Simon Harris, who has served as Tánaiste and Minister for Finance since 2025, has raised separate concerns that the platforms could facilitate money laundering.
“What seems to now be developing at a global scale, and indeed at a rapid pace now, is a kind of wild, wild west where people are placing bets in the form of a cryptocurrency, which is secretive, murky, and in an unregulated manner,” Harris said.
Harris said he has directed officials to conduct a “deep dive analysis” of the sector.