Fecoljuegos demands immediate ban on Polymarket

Fecoljuegos, an organization representing the interests of operators, manufacturers, and suppliers in the gaming sector in Colombia, has raised concerns about the activities of Polymarket, a social betting platform that is reportedly operating without a license in Colombia. The organization has brought this issue to the attention of Coljuegos, the Colombian gaming regulatory authority, highlighting the potential risks associated with unlicensed digital betting platforms, such as the lack of age verification and responsible gaming measures.

Polymarket has gained significant traction in Colombia, with users placing bets on various political outcomes, including the 2026 presidential elections. The platform has already recorded a substantial betting volume, indicating a high level of interest in the electoral race. Despite functioning as a space for digital betting, Polymarket could also serve as an alternative indicator of public opinion due to its activity and participation levels. The outcome of the bets placed on Polymarket will be based on the official results reported by Colombia’s National Civil Registry following the elections.

Fecoljuegos has expressed concerns about the potential risks of electoral manipulation and misinformation associated with platforms like Polymarket. Evert Montero Cárdenas, president of Fecoljuegos, emphasized the need for regulatory intervention to protect the integrity of the electoral process in Colombia. He highlighted the importance of taking decisive action against Polymarket to prevent interference with the free and fair conduct of elections in the country.

The organization’s call for the blocking of Polymarket is based on the belief that unregulated digital betting platforms pose a threat to democratic systems and gaming regulations. Fecoljuegos pointed out that several countries have already taken steps to block Polymarket due to violations of local gambling laws and concerns about market manipulation, consumer protection, and financial traceability. The use of cryptocurrencies on platforms like Polymarket has raised additional regulatory challenges and prompted action in various jurisdictions around the world.

The potential impact of allowing betting on election outcomes was highlighted by Fecoljuegos, which warned that such practices could undermine the democratic process in Colombia. Protecting the integrity of elections and upholding regulatory standards in the gaming sector were identified as crucial components of ensuring the safety and well-being of consumers. Fecoljuegos emphasized the important role of the formal and regulated gaming sector in contributing to social welfare by generating revenue for health systems and promoting user safety.

In conclusion, Fecoljuegos’ recommendation for the immediate blocking of Polymarket reflects the organization’s commitment to upholding regulatory standards and protecting the integrity of the gaming sector in Colombia. By raising awareness about the risks associated with unlicensed betting platforms, Fecoljuegos aims to safeguard the interests of consumers and ensure the fair and responsible conduct of gaming activities in the country.