Thailand to Ban Polymarket in Online Gambling Crackdown

[stompix]

Maybe that is because the government can not control Polymarket and many people from their country use that market to gamble. They don't like something that they can not regulate so the only thing that they will do is ban the site and they can do that without taking too long.

Bruh, do you know what polymarket is?
It's a US company based in the center of NYC with a board and staff and a centralized website.
It fills revenue forms and reports to authorities, there is nothing about it that the US government can't shut in a second if they wanted to.

Since gambling isn't a problem for them, it seems Thailand has something against crypto and decentralization. The article also states Singapore banned Polymarket, so I guess they are truly concerned about the possibility of gamblers going for decentralization, instead of the regulated casinos inside their territories.

Polymarket is not decentralized!
Why does everyone keep saying this?

[batang_bitcoin]

That's right, I think there is even a law there that only foreigners are allowed to gamble and not locals. So, it is like a funnel to them that they are earning through their tourists money and with the gamblers, it's also the gamblers that losses most. I'm not sure with that but that could have been a possible scenario. They all have to do it for the sake of their priority and that's to earn from the tourists and then make their local businesses supported and thrive.

It does seem logical to introduce certain regulations if the aim is to shield local populations from unanticipated adverse consequences, while continuing to rely on tourism to support the country’s economy. This we can see that such industries are considered to be one of the main sources of income to such regions. Sincerely, in this process, there is danger of large loses for the gamblers particularly those persons who wish to be immediately rewarded. However, perhaps from the business point of view such policies appear rather more oriented at the regulation of interaction between the processes of economic growth and social shielding. In total, all the parties will gain if such regulations are put into practise bearing good Supervision over them, so that, the economic gains accord with higher Social Returns.

That's how it should be and I think every government will have to do that in protection of their local business into this and other industries. There is a certain gain for their economy with this kind of rule. There is no coming out of money of their people to these businesses but instead, money is coming in to them and to their economy and that's how this is beneficial and a win-win for countries like Thailand imposing this kind of rule.

[Ojima-ojo]

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.....

It is what it is and Polymarket is not different from other gambling businesses that are banned in Thailand due to high regulations of the government against online gambling platforms, what we should ask is whether or not Polymarket has a license to operate within that jurisdiction and the answer to that may be no if I am not mistaken, this can be the reason why the regulators banned it in the first place.


Lately, most people don't treat gambling of any form as a way of passing time or having fun anymore, but as a business and means to make quick money and the impact of such a mentality has been negative.

[Strongkored]

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.....

Reading the whole article it seems like the main reason is because of the use of crypto so it is considered illegal, because I am not so sure Thailand is a country that completely prohibits gambling because in that country gambling is common seeing how their tourism is also very friendly with adult activities, I mean adult activities usually also involve gambling.

There are also several countries that prohibit their citizens from betting on polymarket while in France Polymarket itself bans users from that country, but the gambling site continues to grow, and something that develops rapidly will usually get quite a lot of problems because their activities will be noticed more by the authorities who feel disadvantaged by their presence.

[tread93]

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.....

Reading the whole article it seems like the main reason is because of the use of crypto so it is considered illegal, because I am not so sure Thailand is a country that completely prohibits gambling because in that country gambling is common seeing how their tourism is also very friendly with adult activities, I mean adult activities usually also involve gambling.

There are also several countries that prohibit their citizens from betting on polymarket while in France Polymarket itself bans users from that country, but the gambling site continues to grow, and something that develops rapidly will usually get quite a lot of problems because their activities will be noticed more by the authorities who feel disadvantaged by their presence.

I guess I get why they are skeptical still but like come on guys it's 2025 these governments need to get with the program or get left behind! The slower they are to adopt crypto now the harder it will be for them to adapt later when they are forced to

[Lida93]

Reading the whole article it seems like the main reason is because of the use of crypto so it is considered illegal, because I am not so sure Thailand is a country that completely prohibits gambling because in that country gambling is common seeing how their tourism is also very friendly with adult activities, I mean adult activities usually also involve gambling.

The ban on polymarket gambling by the Thailand authority is crypto related. The article made it clear, as especially as they couldn't regulate what products the prediction market offers for gamblers to predict on.

See here:

Polymarket was found to be offering illegal online gambling in the country because it uses cryptocurrency for trades and bets, the police said in a statement.
https://www.bangkokpost.com/business/general/2940482/singapore-thailand-move-to-block-polymarket.

I guess I get why they are skeptical still but like come on guys it's 2025 these governments need to get with the program or get left behind! The slower they are to adopt crypto now the harder it will be for them to adapt later when they are forced to

I think no single individual or group can force the fovernm to do what they don't want to do when they don't want to. I mean they are the authority with all apparatus and monopoly of power and authority to circumvent situations within her territory. It is just for we to hope that some crypto enthusiasts find their way to authority and then adopt and implement policies that could be favourable to cryptocurrency development just as we have D. Trump of the US doing right now as an authority. Aside that, we can only exercise patience.

[shasan]

Even if we disagree, if this is the country's policy about gambling, then there's nothing we can do about this. If they did a study and they think that it will have a negative impact on their people, then its right that they ban it.
Gambling is legal in our country, and it has many benefits, but other countries have different outlooks and policies, so we have to respect that.

I appreciate the outlook and policies of other countries along with the policies and outlook of your country. Actually, we should respect the policies and outlook of other countries. If any country bans polymarket in online Gambling Crackdown then there is nothing to do against their decision as their government has all the right to do this.

[Russlenat]

I appreciate the outlook and policies of other countries along with the policies and outlook of your country. Actually, we should respect the policies and outlook of other countries. If any country bans polymarket in online Gambling Crackdown then there is nothing to do against their decision as their government has all the right to do this.

The question is, will the ban actually work? Polymarket is decentralized and doesn’t require KYC, so all it takes is a simple VPN for people to bypass the ban and start gambling again. If the government can’t force everyone to follow the rules, the policy won’t be very effective.

[Sanitough]

I appreciate the outlook and policies of other countries along with the policies and outlook of your country. Actually, we should respect the policies and outlook of other countries. If any country bans polymarket in online Gambling Crackdown then there is nothing to do against their decision as their government has all the right to do this.

The question is, will the ban actually work? Polymarket is decentralized and doesn’t require KYC, so all it takes is a simple VPN for people to bypass the ban and start gambling again. If the government can’t force everyone to follow the rules, the policy won’t be very effective.

That's a good question, but I think the answer is no. Some countries try to ban gambling, yet people still manage to access overseas sites using just a VPN or even a simple DNS trick. I doubt this policy will work as expected because the internet has plenty of ways to bypass restrictions, and gamblers aren’t exactly scared of a little risk. In fact, this government move might just open more doors for them to explore even more gambling sites. So, I’d say it’s the wrong move.

[Japinat]

In fact, this government move might just open more doors for them to explore even more gambling sites. So, I’d say it’s the wrong move.

I think gamblers already know about other online options, especially crypto casinos. However, Thailand took this step for a reason. It's likely a well-thought-out move since they're a country that strictly enforces the law. They also understand that when bettors gamble in decentralized markets, there's no security.