Singapore became the last jurisdiction in the world to introduce a ban on Polymarketa prediction market platform accused of offering illegal gambling in the city-state.
Polymarket restricted in Singapore due to illegal gambling concerns
countries Gambling Regulatory Authority (GRA) has ordered ISPs or ISPs to stop accessing a website that invites consumers to deposit money on the outcome of an event, and the platform received extensive publicity in the wake of the US presidential elections in November.
Polymarket was investigated in France, where the platform decided to leave the market due to concerns from the National Gaming Authority, which suspected that the company offered illegal gambling.
However, in this case, Polymarket acted proactively by limiting French customers’ access to its markets. In the United States, the Department of Justice and the Federal Bureau of Investigation are investigating the company after media reports that Polymarket received $3.2 billion from the US presidential election.
However, in Singapore, Polymarket’s departure was much quieter and accompanied by less fanfare. Users found the platform blocked when trying to access it. Instead of connecting to the prediction market, users who tried to connect to Polymarket received a message indicating that they were trying to log in to an illegal gaming site:
“You have attempted to access an illegal betting site hosted by an unlicensed betting service provider. Singapore Pools is the only licensed online gambling operator in Singapore.”
The post also reminded consumers that they could face a fine of up to $10,000, up to 6 months in jail, or both. At the time of writing, the ISP block appears to be efficient and works with all major ISPs in the country.
Polymarket can still be accessed via Singapore VPN
However, some users managed to connect to the Polymarket website through Singapore. vpn They concluded that smaller ISPs should be used and they may not have blocked the website.
All in all, this is the latest resistance that Polymarket faces as a platform. The company faced a lot of pressure. The FBI raided his boss’ New York apartment. Despite all this, Polymarket is said to have almost 350,000 people from January 2025.
Furthermore, prediction markets may see better days under President-elect Donald Trump, whose son, Donald Trump Jr., has just joined Kalshi, a rival prediction market that more or less normalizes this form of business in the United States.
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