Colombia: Fecoljuegos calls for Polymarket ban over electoral bets

The Colombian Federation of Games of Luck and Chance (Fecoljuegos) has called on regulator Coljuegos to immediately block Polymarket, an international blockchain-based prediction market that allows cryptocurrency bets, on election outcomes.

In a letter to Coljuegos President Marco Hincapié, Fecoljuegos argued that Polymarket’s activity “gravely violates Colombian law,” pointing out that it only authorizes forms such as casino games, bingo, poker and sports betting.

The Federation stressed that electoral betting presents unique risks. 

“This not only constitutes an illegal operation but also poses a direct risk to democracy by opening the door to opinion manipulation, survey buying and disinformation in electoral processes,” said Fecoljuegos President Evert Cárdenas. 

Since February, around $105,000 has been wagered on Colombian elections via Polymarket, although just 83 users have participated.

Data shows one account concentrated nearly 40% of all wagers for a single candidate.

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Fecoljuegos further noted that crypto-based gambling is not permitted in Colombia, warning of heightened risks for money laundering and weak consumer protections. 

While Polymarket  has attracted international attention, the platform has faced sanctions before, including a US ban in 2022, but earlier this year, the company got the green light for a relaunch, allowing the platform to resume operations under specific compliance conditions.The Federation urged authorities to take immediate action, stressing that licensed gaming contributes to health funding and is subject to strict oversight.

Carlos Mendez

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Odds tell a story long before the result does. When bettors learn to read that story properly, betting becomes a matter of discipline and value rather than emotion or guesswork.

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