Singapore has intensified its efforts against illegal online gambling by blocking access to Polymarket, a decentralized prediction market platform. Authorities have classified Polymarket’s activities as unlicensed gambling, leading to its inclusion among the over 3,800 illegal gambling websites blocked by the Ministry of Home Affairs (MHA) as of December 31, 2024.
Background on Polymarket:
Polymarket allows users to wager on the outcomes of various events, including political elections and financial markets, using cryptocurrency. While the platform positions itself as a forecasting tool, Singaporean authorities view its operations as gambling activities conducted without the necessary licenses.
Singapore’s Regulatory Stance:
Under Singapore’s Gambling Control Act, all forms of gambling are prohibited unless licensed or exempted. The government has been proactive in blocking unlicensed gambling websites to protect consumers and maintain public order. As of December 31, 2024, more than 145,000 illegal gambling transactions involving the Singapore public, amounting to approximately SGD 37 million (USD 27 million), have been blocked.
Implications for Users:
Accessing unlicensed gambling websites is illegal in Singapore. Users engaging with such platforms may face legal consequences, including fines and other penalties. The government’s blocking measures aim to deter participation in unauthorized gambling activities and mitigate the risks associated with unregulated platforms.
Global Context:
Polymarket has faced regulatory scrutiny in other jurisdictions as well. In January 2022, the platform reached a settlement with the U.S. Commodity Futures Trading Commission (CFTC), agreeing to pay a $1.4 million fine and cease offering markets deemed to be binary options without proper licensing.
