Colombia Seeks Ban on Polymarket Over Election Betting
The Colombian Federation of Gaming Entrepreneurs (Fecoljuegos) has urged Coljuegos, the national gambling regulator, to take swift action against Polymarket, a U.S.-based cryptocurrency prediction platform accused of illegally enabling bets on Colombia’s 2026 presidential election. By offering wagers on global political, social and economic outcomes via digital assets the platform is, according to Fecoljuegos, operating entirely outside Colombia’s legal framework.
Outside the Scope of Regulation
Colombian law strictly limits gambling to licensed activities such as casinos, poker, bingo, roulette and approved sporting events. Election betting, promoted by Polymarket, is not recognized under these rules. Fecoljuegos insists this constitutes a direct breach, exposing the platform to potential legal, administrative and even criminal consequences.
Democratic Risks at Stake
Evert Montero Cárdenas, president of Fecoljuegos, emphasized that the platform’s dangers go far beyond illegality. Allowing citizens to gamble on elections could distort democratic processes by manipulating public sentiment, influencing polling, or spreading disinformation. Such interference, he warned, undermines electoral transparency and damages citizens’ confidence in institutions.
Cryptocurrency Concerns
Polymarket’s exclusive use of cryptocurrencies poses additional challenges. Since digital tokens are not approved for gambling in Colombia, transactions lack traceability and accountability, raising serious anti money laundering and consumer protection issues. Without proper oversight, Colombian users risk financial losses with no legal safety net.
Call for Urgent Enforcement
Fecoljuegos has called on Coljuegos and other state authorities to intervene immediately, stressing that both consumer protection and electoral credibility are on the line. “We cannot permit unauthorized platforms to erode public trust or siphon resources that should serve national interests,” said Montero Cárdenas.
Global Context
The dispute highlights broader regulatory challenges in an era of borderless digital betting. Platforms like Polymarket exploit crypto technology and online access to bypass national laws. For Colombia, this case underscores the urgency of tightening controls to protect the licensed gaming market and defend democratic stability.
Fecoljuegos’ appeal represents a proactive attempt to safeguard Colombia’s legal boundaries and prevent unregulated operators from threatening both the industry and the democratic process.
