Thailand to Ban Polymarket in Online Gambling Crackdown

[AmoreJaz]

There could be some reasons why they are planning to ban Polymath; according to the article, they said the illegal gambling platform could promote the misuse of crypto, which I understand, as most governments are against decentralised platforms.
 
Adding to the fact that they accept crypto for their operation, it could also be that Polymath doesn't have a license to operate legally there, and if they are interested in the audience they get from Thailand’s citizens, they can make a move to license it before they announce the official shutdown date.

Maybe, you mean Polymarket here not Polymath. Anyway, I believe, sooner or later, they may change their stance on this matter. Do remember, with the technology these days, it would be hard for them to totally ban online gambling sites as their people will always find a way how to go around such restriction.

Polymarket is a popular betting site which are offering varied topics just like futuur, so it can attract a lot of gamblers or just even spectators of the events in their list. I guess, it won't be long before they accept this site and lift the ban. Maybe, they are just waiting for the site to comply some requirements from their online gambling protocols.

[Russlenat]

There could be some reasons why they are planning to ban Polymath; according to the article, they said the illegal gambling platform could promote the misuse of crypto, which I understand, as most governments are against decentralised platforms.
 
Adding to the fact that they accept crypto for their operation, it could also be that Polymath doesn't have a license to operate legally there, and if they are interested in the audience they get from Thailand’s citizens, they can make a move to license it before they announce the official shutdown date.

Polymarket is an unregistered platform. Even in the US, which is one of their largest markets, they haven’t bothered to acquire a license. I think they want to maintain their status as a decentralized prediction market, which makes them unique compared to others. For gamblers who still value privacy, this platform is an attractive option. Since Polymarket has managed to keep a good reputation, it’s easy for them to attract users.

If they do face penalties, I believe they’re prepared to pay, considering they’ve already paid fines in the past.

https://en.wikipedia.org/wiki/Polymarket

In January 2022, Polymarket was fined US$1.4 million by the Commodity Futures Trading Commission (CFTC), and received a cease and desist order for regulatory violations, including failure to register as a Swap Execution Facility.

[nelson4lov]

~Snipped 

 In the article they stated that the operation is an illegal form of gambling that promotes social and economic risks, do you agree? I am just curious what everyone's thoughts are on this.....

This was probably expected because for a pro-gambling country they would consider it illegal because Polymarket might not be remitting value in form of tax back to Thailand government despite the fact that most of their people make bets through the platform. I don't think it's a case of social and economic risks but more about lack of control of what markets goes up on polymarket and also the lack of revenue flowing back to them.

[Kemarit]

There could be some reasons why they are planning to ban Polymath; according to the article, they said the illegal gambling platform could promote the misuse of crypto, which I understand, as most governments are against decentralised platforms.
 
Adding to the fact that they accept crypto for their operation, it could also be that Polymath doesn't have a license to operate legally there, and if they are interested in the audience they get from Thailand’s citizens, they can make a move to license it before they announce the official shutdown date.

Maybe, you mean Polymarket here not Polymath. Anyway, I believe, sooner or later, they may change their stance on this matter. Do remember, with the technology these days, it would be hard for them to totally ban online gambling sites as their people will always find a way how to go around such restriction.

It's not about the technology, it's about gambling being ban in their country. And it worth noting to say that Thailand is just those few countries that are still in Monarchy, so it might influence this sort of anti-gambling. And as what the OP is talking about allowing gambling in funerals or wake, it's their tradition as they believed that doing so, they accompanied the deceased spirit.

So it's not really gambling for them if you look at it and we can't compare that to the gambling that we all know, we bet on the unknown, big money is involved and see if we are going to win in the end. So the in the latter, that's where the government is against, so no wonder they wanted to ban Polymarket today as it is becoming one of the biggest prediction market.

[Nwada001]

There could be some reasons why they are planning to ban Polymath; according to the article, they said the illegal gambling platform could promote the misuse of crypto, which I understand, as most governments are against decentralised platforms.
 
Adding to the fact that they accept crypto for their operation, it could also be that Polymath doesn't have a license to operate legally there, and if they are interested in the audience they get from Thailand’s citizens, they can make a move to license it before they announce the official shutdown date.

Maybe, you mean Polymarket here not Polymath. Anyway, I believe, sooner or later, they may change their stance on this matter. Do remember, with the technology these days, it would be hard for them to totally ban online gambling sites as their people will always find a way how to go around such restriction.

You are right. I meant Polymarket; it was a typographical error, which I have corrected. 
 
If the country continues further with the restriction and makes it official, for sure citizens will invade the ban and still patronise the platform, but there will be a risk of penalties to both Polymarket, which they can fine for illegally allowing their citizens to access their site, and the citizens for violating sanctions law.

[Saint-loup]

It's sad to see countries not allowing new technologies and way of gambling while they allow or not strongly prohibit bets on animal and human dangerous fights, even fights of children sometimes. I don't understand what they are looking for by doing that? They are afraid to see the gambling money of the thai citizens flying abroad instead of staying into Thailand? Or they just don't want gamblers to start to be interested into cryptocurrencies

[acroman08]

I'm confused, why would you find it quite odd? One of the main reasons for that ban is that they are operating illegally in the country, while gambling during funerals is normal in some areas in Thailand, it does not mean the government will not be strict with online gambling sites that are operating illegally in the country. if you ask me, I don't find it odd, they are just doing their job.

If the government fails to take fees or approve their license then the ban becomes the only available choice for the government, and what that means is that if the poly market sees Thailand as one region they want to dominate with their business, it means they will have to go through everything possible to get the approval from the government, but what confuses me more is that the ops mentioned online gambling crackdown, does that means other online casinos have been brought down with this also?

I'm not sure, there was no mention or a hint in the article the OP has shared that other online casinos have been shut down alongside Polymarket, but from what I've seen after searching a bit on Google, they have banned/shut down other online casinos in their country in the past.

So if none other online casinos are affected by the ban in Thailand and only poly market got banned it then means that the title of this thread could be misleading, making it sound and look as if there is a major crackdown on online cryptocurrency and Fiat casinos around Thailand, polymarket is new and at that, there is be a lot of controversy surrounding their license and operations, for now, concerning geographical locations of the business, but also I know that time will give them the chance to make everything right and to place the business on the right track that can easily get approvals across Major counties.

I don't know if there is a legal online casino in Thailand, from what I have read, online casinos are still banned in Thailand and it is the same for land-based casinos(at least as far as I know) but I saw in one of the articles I've quickly read that there has been discussion in their government about potentially legalizing casinos in their country.

[alegotardo]

Check it out. https://www.google.com/amp/s/decrypt.co/301063/thailand-ban-polymarket-online-gambling-crackdown%3famp=1

I am suprised to see that Thailand would be so quick to ban something that has to do with gambling after learning recently that in Thailand culture that gambling is a popular form of grieving and encouraged during the loss of a loved one. I found that to be quite odd, but now I find this to be odd after learning that. Why would Thailand ban a pro gambling site if it is offered as a past time? What if the mourning groups gambled through Polymarket then would it still be poised to be banned?  In the article they stated that the operation is an illegal form of gambling that promotes social and economic risks, do you agree? I am just curious what everyone's thoughts are on this.....

I didn't know until then that Thailand has such a complex relationship with gambling and its cultural traditions, so in fact this government decision to ban the Polymarket website is contradictory to say the least, as the ban can be seen as an interruption of a culturally significant practice.

I think the ban on Polymarket is justified as a measure to protect citizens from the social and economic risks associated with online gambling, as from what I've read the main argument is that the website promotes an illegal and unregulated form of gambling.

I also think that regulation and supervision of online gambling rather than a total ban could mitigate the social and economic risks, in fact I don't understand their reasons for banning Polymarket.

[ethereumhunter]

The next question is what will happen to other market similar as Polymarket?

They'd be considered illegal as well unless they somehow comply. However, the question is whether authorities actually know they exist lol or think they're worth the effort— right now, polymarket takes most of the market share among prediction markets.

I believe, it'll be similar to how places bans illegal/non-compliant platforms, some will be combed out and some will be not especially the lesser known platforms.

In any case, it's safe to assume some people will be relying on the good old VPN providers for this lol. Perhaps, with this news, there are folks who have become aware and interested on prediction markets, as well — the Streisand effect, am I right? lol.

Eeh you say it with right. With that news, people will curious why the government ban the market and will search for more info. That can make the market more popular than today as when more people comes to the site can help the site to gain more profit. I agree with that if the site can not follow the regulation, their site can become illegal easily. So maybe the government will push more site like Polymarket that can be bigger to obey their rules so the government can control many things they want.

[tread93]

Oh that Tread guy again, can't fn stand him !     Bro this is legit shocking to me as I have a good buddy who lives in Bangkok.  He was an exchange student in HS with me and we were just talking about how he loved and sorta was blown away that I had an LCD screen as my car deck (this is when LCDs weren't even really in homes yet) 99ish maybe..but we would blaze and watch the up in smoke tour like every day after school (while on a country cruise, naturally).  Anyways he told me they just legalized weed.  So it's shocking they are banning polymarket.  Now I don't know what that is technically other than I can put 2 and 2 together that it's a gambling site that using polygon and it's chains? 

As you know Tread I just got those chinese (mainland) gov issued stamps that are tied to poly.  That blows me away still since they banned btc and were all in on the digital yuan, which i may or may not also own.  I'm gunna get his take and report back.  He wants me to visit him ..wanna go with?  btw i feel like im always telling you...I owe ya a text, will shortly  sorry , you know I love ya, so much going on w/fam and work rn.  No longer sippin daqs on the beach in mexico 

Lmfao, you got me there for a second when I was reading replies! hahahha. Makes literally zero sense lets just legalize weed and ban gambling lmao what are they smoking over there? I get they want to regulate and all that but honestly come on. I mean what are we to say tho really its not even legal here in the US probably for the same reasons, because its tied to laundering & crypto and all that mumbo jumbo whatever.

You know I have the most insane stamp collection from 2 generations right? Its nuts man. Like I want to say more decorated than my coin collection and that is saying something haha. Definitely will need to catch up soon m8 give me a ring when yo'ure free! Can shoot the shit and we can also talk about some sports betting or some other bets!! Bummer the vacay is over already?!? I feel like you just went on it hah.

[cryptoaddictchie]

It's sad to see countries not allowing new technologies and way of gambling while they allow or not strongly prohibit bets on animal and human dangerous fights.

They allowed its just that the platform doesnt coordinate on their country which is their right if their people earning or losing money on this gambling site. Most country didnt mind this but for them its important. Their not anti gambling Government but they got regulations for this.. Its easy if Polymarket is talking with them to seal deal about the issue.

[jcojci]

It's sad to see countries not allowing new technologies and way of gambling while they allow or not strongly prohibit bets on animal and human dangerous fights.

They allowed its just that the platform doesnt coordinate on their country which is their right if their people earning or losing money on this gambling site. Most country didnt mind this but for them its important. Their not anti gambling Government but they got regulations for this.. Its easy if Polymarket is talking with them to seal deal about the issue.

If Polymarket wants to talk with Thailand government and follow the regulations. And according to Bangkok post, a deputy prime minister, Mr Prasert said that Illegal online gambling is commonplace these days, and we're trying to make it legal.

You can read more about the article here:

Code:

https://www.bangkokpost.com/thailand/general/2939060/DES

Based on that article, the government wants to make gambling legal in their country so if that can legal, the government can apply tax to their citizen who playing gambling. But they must aware of the number of the addicted people to gambling because that can also increase following the popularity of online gambling.

[Odohu]

I don't know how they are going to effectively do that since it is an online platform that have no office in Thailand. Maybe they will simply block their website, similar to what my country did about cryptocurrency exchanges yet this did not deter us in anyway as we were still able to access those exchanges through their mobile apps or through VPN. It is only people who do not know their way around that will be affected by this move because using VPN is a solution provided it is not Polymarket that restricted people from Thailand from.using their platform.

[Wexnident]

~

They're ok with gambling, just not gambling without their permission. I reckon polymarkets can be allowed in Thailand if they get a license to operate through proper procedures since it's not like crypto is banned in Thailand, but I reckon they haven't, hence the ban. As for the "socio and economic risks", that's just random bs they throw out to justify bans, not the first time they've used it to justify something I reckon so I don't think you need to take it at face value.

[bittraffic]

~

They're ok with gambling, just not gambling without their permission. I reckon polymarkets can be allowed in Thailand if they get a license to operate through proper procedures since it's not like crypto is banned in Thailand, but I reckon they haven't, hence the ban. As for the "socio and economic risks", that's just random bs they throw out to justify bans, not the first time they've used it to justify something I reckon so I don't think you need to take it at face value.

I think they are the first to do this on polymarket since I found no other country is doing this to poly.

i can understand they have no permit to operate but are there really people from Thailand using the ppatform when mkst issues in poly aren't related to Thailand. It nobody's business but the Thais.

[acroman08]

~

They're ok with gambling, just not gambling without their permission. I reckon polymarkets can be allowed in Thailand if they get a license to operate through proper procedures since it's not like crypto is banned in Thailand, but I reckon they haven't, hence the ban. As for the "socio and economic risks", that's just random bs they throw out to justify bans, not the first time they've used it to justify something I reckon so I don't think you need to take it at face value.

they can't get a license because online gambling is still prohibited in Thailand, also, land-based casinos are also prohibited in the country. that being said, I mentioned in one of my posts(just several posts above yours) on this thread that there have been talks about the potential legalization of casinos in their country, hopefully, online casino is also part of that.

[tread93]

~

They're ok with gambling, just not gambling without their permission. I reckon polymarkets can be allowed in Thailand if they get a license to operate through proper procedures since it's not like crypto is banned in Thailand, but I reckon they haven't, hence the ban. As for the "socio and economic risks", that's just random bs they throw out to justify bans, not the first time they've used it to justify something I reckon so I don't think you need to take it at face value.

they can't get a license because online gambling is still prohibited in Thailand, also, land-based casinos are also prohibited in the country. that being said, I mentioned in one of my posts(just several posts above yours) on this thread that there have been talks about the potential legalization of casinos in their country, hopefully, online casino is also part of that.

Its funny you mentioned that because a popular TV series may be influential in the approval of 5 new land bases casinos in Thailand. It is called the White Lotus and I was hooked! Such a goood show and the second season is about to come out as well, you should check it out! I guess since they are betting that the casinos will increase tourism they want to possibly un-ban it, its smart of them if they do that then they get a piece of the pie so to speak unlike the piece of nothing pie they were getting from polymarkets i'm sure.

[fruktik]

Well I believe when something has come to the point of being banned or restricted there's a huge negative effects that it's caused to the individuals and society,Therefore the government of Thailand have observed that this illegal acts have pose alot of dangers and damage's to their citizens so irrespective of the fact that it could serve as a past time they think there ought to be a stop to this.

Have you ever thought that this is the government's way of showing concern for its citizens who have become too addicted to gambling? Yes, I understand that there is some tradition associated with this, but it is completely different from playing for money in a casino and making bets. To be honest, I also looked closely at this issue from the authorities' side.

[Apocollapse]

The alternative is they can bet on futuur.com, AFAIK their reputation is quite okay, though I haven't heard them since the last year.

If Thailand citizen want to bet on casino or bookies, they can choose to bet on Betcoin.ag

I think they are the first to do this on polymarket since I found no other country is doing this to poly.

Nope, the first one was US, then France and Taiwan. Singapore also ban polymarket in January 12, earlier than Thailand ban polymarket in January 14.
https://www.ccn.com/news/crypto/polymarket-ban-country-list/

It’s not really surprising that they’d get banned since they’re not making any money out of it. Isn’t it decentralized anyway? Meaning, no taxes are being paid. But since Polymarket doesn’t require KYC, that’s not a problem as VPN is the go-to solution for gamblers, and they can still place bets on games.

They don't allow to use VPN, even they didn't ask KYC, but VPN usage will make the site know if the IP address changing from one place to another one.

you do not, and will not, use VPN software or any other privacy or anonymization tools or techniques to circumvent, or attempt to circumvent, any restrictions that apply to the Services;

[dezoel]

Thailand has now legalized gambling in their country, but only limited to casinos that want to license their companies in tourist complexes. While polymarket itself is a prediction betting platform that does not have any license to operate in Thailand - so it is entirely up to the Thai government to ban their operations there. And not only polymarket, I think the average online gambling site has been blocked in Thailand.

I heard that this Polymarket is decentralized, so they may not even have a license but being decentralized might give them an exception, though yet they are still being restricted. Oh well, Polymarket is still huge and they won't think that Thailand is a big loss to them, however it might only be a big loss to some Thailanders that already hooked on it. I guess they need to start looking for a good alternative now.

Thailand has now legalized gambling in their country

Just now? Dang, but I think they once legalized it and then only ban it for some reasons like their people are now addicted to it and then a lot of illegal gambling are spawning at them. There are still responsible gamblers though but I like that they are now strict on it.