Dutch users still reach Kalshi, Hyperliquid after Polymarket ban

The Dutch Gaming Authority (Ksa) ordered a ban on Polymarket in February after finding the platform operated without a Dutch gambling license. An investigation has found that users in the Netherlands continue to access prediction-style contracts on other platforms, including Kalshi, Hyperliquid and Interactive Brokers.

The regulator warned, “Websites similar to Polymarket also fall under our supervision and can therefore be sanctioned by us.” The Ksa reiterated that platforms offering betting on future events to Dutch residents may be subject to Dutch gambling rules.

Kalshi appears to be offering markets that include Dutch domestic football fixtures and previously listed contracts tied to Dutch elections. Hyperliquid, a decentralized market built on blockchain technology, has expanded its prediction market offerings to users in the Netherlands.

Interactive Brokers classifies some of its offerings as financial contracts rather than gambling and has pointed to oversight by the Irish central bank. The Irish central bank denied knowledge of such an arrangement and directed queries to the Irish gambling regulator.

Regulators outside the Netherlands have taken actions against similar platforms. Last month Brazil moved to shut down 27 prediction platforms, including Kalshi and Polymarket. Several European countries have also blocked or penalized services that operated without local authorization. Hungary and Portugal have taken specific measures against Polymarket.

In the United States, the Commodity Futures Trading Commission has filed lawsuits against multiple states arguing that states overstepped by trying to restrict markets that the CFTC says fall under federal oversight. A major venture firm has publicly supported the federal position, arguing that forcing platforms to block users by state conflicts with the CFTC’s impartial access rules. Earlier this month, CFTC received 1,500 comments on the prediction market rule.

Research and regulatory reviews have highlighted risks for market participants. An April study found that roughly 3% of prediction market traders make consistent profits while about 70% lose money. There have also been instances in which anonymous traders accurately bet on sensitive events, including a reported U.S. strike on Iran and an attempted kidnapping of Venezuela’s president, prompting scrutiny over possible advance knowledge.

The Ksa’s statement notes that enforcement against one operator does not remove oversight of other services offering similar contracts to Dutch consumers. The platforms named in the investigation continue to operate in ways that place them within the regulator’s stated remit.