Singapore has officially restricted access to the prediction marketplace Polymarket, a significant step in its ongoing effort to combat unlicensed online gambling.
Singapore has officially restricted access to the prediction marketplace Polymarket, a significant step in its ongoing effort to combat unlicensed online gambling. This move is part of a broader crackdown that has already seen over 3,800 gambling websites shut down since the beginning of the year.
Reports emerged on Jan. 12 when Singaporean users began experiencing difficulties accessing Polymarket.
A notice from the Gaming Regulatory Authority (GRA) of Singapore informed users that Polymarket is deemed illegal. The notice warns that individuals found in violation could face penalties including fines of up to $10,000, imprisonment for up to six months, or both.
As per the GRA, the only legal online gambling option for residents is Singapore Pools, a government-owned lottery subsidiary.
This restriction aligns Singapore with other jurisdictions, including Taiwan, France and the United States, which have also taken steps to limit access to Polymarket. Taiwan had previously restricted the site and even prosecuted an individual for placing bets on political elections.
The national crackdown on online gambling in Singapore has been extensive, with authorities blocking $37 million of transactions as of Dec. 31 last year. Singapore's Home Affairs Minister reported that the initiative aims to safeguard citizens from potentially harmful gambling practices.
Polymarket has gained international attention, particularly during the recent surge in political betting related to the 2024 presidential election in the United States. However, the platform has prohibited users from several countries, including Bolivia, Venezuela and Iran, further complicating its legal standing worldwide.
Neither the GRA nor Polymarket has provided immediate comments regarding the new restrictions.
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