Colombian Gambling Authority Makes ISPs Block Polymarket

Colombia’s gambling authority, Coljuegos, has requested that internet service providers block access to the prediction market platform Polymarket, citing unauthorized betting activities related to electoral events.

Coljuegos Makes ISPs Block Polymarket

The agency asserts that Polymarket’s political prediction markets violate existing regulations and accuses the platform of conducting unauthorized financial activities, including cryptocurrency-based betting, which it claims undermines the regulated market’s support for state healthcare funding.

Consequently, Coljuegos has directed Colombian internet providers to block access to the site. The agency’s president, Marco Emilio Hincapié, stated that Polymarket does not hold the required licenses to operate online gaming services in the country. While Polymarket positions itself as a platform for forecasting future events, Coljuegos argues that its operations involve core legal characteristics (such as financial risk, prize expectations, and uncertain outcomes) that classify them as games of chance under Colombian gambling law. Hincapié also emphasized that the offering of games of chance is a state-run monopoly, and Coljuegos must authorize any form of betting.

Launched in 2020 as a decentralized platform built on the Polygon blockchain and utilizing the USDC stablecoin, Polymarket has often operated in a regulatory grey area across various jurisdictions. In 2022, the platform settled with the US Commodity Futures Trading Commission (CFTC), leading it to restrict access for users in the United States. However, in September, the CFTC approved Polymarket’s return to the US after the prediction markets provider apparently fixed a series of past regulatory hurdles.

What’s the State of Gambling in Colombia?

Despite the recent banning of Polymarket from the country, Colombia’s betting scene seems to be in a stable condition. Revenue is projected to reach COL 9.2 trillion ($2.28 billion) in 2025, with a compound annual growth rate (CAGR) of 1.48% through 2030, pushing total revenue to COL 9.9 trillion ($2.45 billion). The casinos and casino games segment alone is expected to generate COL 9.2 trillion ($2.28 billion) in 2025. Meanwhile, the number of gambling market users is expected to amount to 8.5 million by 2030.

To date, Coljuegos has requested the blocking of 28,100 illegal gambling websites, with approximately 3,000 more expected to be added in the coming months. The regulator maintains that these enforcement efforts safeguard the legal gaming industry, which has contributed more than COL 256.7  billion (roughly $654 million) to subsidized healthcare.