Regulators emphasized that Polymarket’s “counterpart betting” model qualifies as gambling under Romanian law. ONJN President Vlad-Cristian Soare said, “This is not about technology, but about the law.” He added that whether bets are made in lei or crypto, they still fall under legal gambling requirements.

$600 Million Election Bets and Regulatory Concerns

Polymarket reported that during Romania’s presidential and local elections, users placed bets totaling more than $600 million. ONJN highlighted the platform’s lack of fiscal reporting, player protection mechanisms, and Anti-Money Laundering (AML) controls.

Although Polymarket describes itself as an “event trading” platform, users wagering on uncertain outcomes and the platform taking commissions meet all legal definitions of gambling. Romanian internet providers are now required to block access to the site.

International Regulations and Polymarket’s Future

Polymarket’s ban in Romania follows similar regulatory actions in the U.S., France, Belgium, Poland, Singapore, and Thailand. In 2022, the U.S. Commodity Futures Trading Commission (CFTC) fined the platform for operating unregistered derivatives markets, forcing U.S. users to be blocked.

Despite these challenges, Polymarket continues to grow. It recently secured a $2 billion investment from Intercontinental Exchange, the parent company of the New York Stock Exchange (NYSE). According to Bloomberg, the platform plans to resume limited sports betting in the U.S., following the CFTC’s no-action letter that provides legal clearance for reopening.

Bullet Points – Key Legal Risks of Polymarket:

• Unlicensed gambling activities

• Lack of fiscal reporting

• Insufficient player protection mechanisms

• Missing AML (Anti-Money Laundering) measures

• Counterpart betting model

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