Singapore imposes a prohibition on Polymarket due to alleged involvement in illicit gambling activities
In recent developments, the prediction market platform Polymarket has found itself under scrutiny from various regulatory bodies around the globe.
Polymarket, a platform that allows consumers to place bets on the outcomes of various events, has been under investigation by the National Gaming Authority in France. The investigation stems from suspicions that the company may be offering illegal gambling services.
Meanwhile, in Singapore, users attempting to access Polymarket have been met with a message stating they had tried to connect to an illegal gambling site. This is due to Singapore Pools being the only licensed online gambling operator in the country. In response to this, the Gambling Regulatory Authority (GRA) in Singapore has ordered Internet Service Providers to block access to Polymarket. However, some smaller ISPs have not yet complied, allowing users to access the platform through VPNs.
In France, Polymarket preemptively restricted access of French customers to its markets. This move came after reports that the platform had accepted $3.2bn in the US Presidential election, leading to investigations by the Department of Justice and the Federal Bureau of Investigation in the United States.
Despite the investigations, Polymarket's user base continues to grow, with nearly 350,000 people using the platform as of January 2025. The platform gained significant publicity around the US Presidential election in November.
Interestingly, Donald Trump Jr. has recently joined Polymarket's advisory board, following a strategic investment by 1789 Capital. However, it is important to note that this does not necessarily imply he is the CEO of the company.
In a surprising turn of events, Donald Trump Jr. has also joined Kalshi, a rival prediction market. This move could potentially normalize this form of business in the United States under the President-elect, Donald Trump.
As the investigations continue, the future of Polymarket remains uncertain. However, the platform's continued growth and the involvement of high-profile figures suggest that prediction markets may be a growing trend in the world of online gambling.
