Polymarket Faces Restrictions in Singapore Due to Illegal Gambling Concerns
Singapore’s Gambling Regulatory Authority (GRA) has instructed Internet Service Providers (ISPs) to block access to Polymarket. This platform, which allows users to bet on event outcomes, gained significant attention during the U.S. Presidential election in November.
Previously, Polymarket faced scrutiny in France, prompting the company to withdraw from the market due to concerns from the National Gaming Authority over potential illegal gambling operations. In the U.S., the Department of Justice and the FBI are investigating the company after reports indicated Polymarket handled $3.2 billion in bets related to the election.
In Singapore, the platform’s exit was quieter. Users attempting to access Polymarket were met with a notice stating they had tried to visit an illegal gambling site. The warning outlined potential penalties, including fines of up to $10,000 and up to six months in jail.
VPNs Provide Continued Access to Polymarket in Singapore
Despite the block, some users have accessed Polymarket using VPNs linked to smaller ISPs that may not have implemented the restriction. This situation adds to the challenges Polymarket faces globally.
In the U.S., the FBI recently raided the company’s CEO’s apartment in New York. Despite legal troubles, Polymarket reportedly has around 350,000 users as of January 2025. The prediction market industry could see changes under President-elect Donald Trump, especially with Donald Trump Jr. joining Kalshi, a competitor to Polymarket, potentially normalizing such platforms in the U.S.
