Gambling markets need “urgent regulation” says Doherty

Fine Gael MEP Regina Doherty has called for an “urgent investigation” into cryptocurrency betting platform Polymarket following reporting by The Irish Times that over 86% of more than $1 million placed on the Dublin Central bye-election displayed highly suspicious trading behaviour linked to potential money laundering and market manipulation.

“This is deeply concerning and exposes a major regulatory blind spot,” Doherty said.

“We cannot allow anonymous cryptocurrency betting platforms operating in a legal grey area to become potential vehicles for money laundering, market manipulation or organised criminal activity,” the Fine Gael MEP said.

“Very often the proceeds of crime come from the misery inflicted on ordinary people, families and communities through drugs, intimidation and violence. The idea that suspicious funds could potentially be flowing anonymously through online betting platforms should concern everyone,” she said.”

Doherty said regulation and enforcement must now move “at speed.”

“The Gambling Regulatory Authority of Ireland and European authorities need to urgently examine this platform and ensure proper oversight is finally put in place. Technology and online betting markets are moving far faster than regulation, and that creates dangerous opportunities for abuse,” Doherty stated.

“There is also a wider question here about the use of prediction markets tied to elections, geopolitical events and public trust. These platforms cannot continue operating without serious scrutiny.”

“Across Europe, authorities are already beginning to take action. Countries including Portugal and Hungary have moved to block access to Polymarket, while regulators in Belgium, France, Italy and Romania have also taken steps against the platform over licensing and gambling concerns,” she noted.

Doherty said “Ireland cannot afford to become a weak link when it comes to financial crime, online gambling oversight and anonymous crypto activity. We need regulation and enforcement that is capable of keeping pace with how quickly these platforms are evolving.””

Doherty also confirmed she will host her third Anti-Money Laundering Conference in the European Parliament in the coming month, bringing together regulators, financial crime experts, law enforcement and policymakers to examine how Europe can better tackle emerging forms of fraud, illicit finance and anonymous crypto activity.

“Europe must stay ahead of organised crime and financial abuse. The systems we put in place now will determine whether criminals exploit these technologies or whether democracies regulate them properly.”