Thailand to Ban Polymarket in Online Gambling Crackdown

[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.....

[Darker45]

Gambling is generally illegal in Thailand. Polymarket is operating without a license. In other words, there's a reason for the government to ban it. In the first place, Polymarket should have obtained the nod of the Thai government before offering its products to the people and making money from them. I guess that's basic.

I don't think gambling itself is a form of grieving in Thailand. It may play a minor role though in their complex religious and cultural practices as regards death, wake, funeral, and so on. I'm living in a country where gambling is also a common practice during wakes. But to integrate online gambling in this tradition doesn't serve the purpose. I don't think Thailand's religious beliefs and practices justify Polymarket's illegal presence in the country.

[Wiwo]

Probably the negative effect of the long-time gambling culture at funerals has spiked reaction from the Thailand authorities and they have decided to take action towards restricting and regulating the way and manner the citizens gamble.

What I will be interested to find out is whether it is only the polymarket that was banned in Thailand in the recent gambling crackdown or if all other gambling sites too are banned.

Polymarket is indeed a thriving online prediction site, but I believe it operates under regulations and license and it must comply with Thailand gambling law to operate so it may be because of one of the two factors mentioned that have led to the ban.

[cryptomaniac_xxx]

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.....

Yeah, although Thailand could be in the gray area as far as crypto goes, gambling is not per se legal in the country, only few state sponsored lotteries are allowed or even horse racing. However, there are a lot of illegal gambling, fly by night gambling den in Thailand.

So in essence it is illegal in the country that's why they have to ban Polymarket.

Not only Thailand but I think another Southeast Asian country, Singapore has put a blanket ban as well since December.

[Cantsay]

  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.....

The only reason I can think of at the moment why Thailand government will label them as illegal gambling site is because they don’t have license to offer gambling services to the people residing in Thailand; if you take a look this is not the only site offering gambling services to Thais and yet they are the only ones labeled as illegal.

Polymarket has grown so much since it was established and it’s only a matter of time before government will start looking for a way to regulate it and this case of “illegal site” is just one of them; this is just my personal opinion and what I think about it.

[Churchillvv]

Perhaps it's pretty obvious that it's not only Thailand government that has made this move of banning the polymarket but other countries too. Every government has an ACT in which all type of gambling sites or companies operates under and perhaps polymarket has fallen under the restriction of Thailand government because it's operates against their laws.

and according the source it says below

Approximately 86% of accounts had a negative profit and loss margin, with many users placing smaller bets in hopes of a quick win. Only a small percentage, around 1%, have realized profits exceeding $1,000.

with the number of negative effects i think its worth banning if the total popular is going to be losing to polymarket that winners do not win a significant amount of money which as cited above that it poses a social and economic risk then I agree with the governments actions towards protecting it's citizens. This Acton might be criticised but it's a real economic issue and polymarket will end up getting away with a good amount of money from the economy.

[Oluwa-btc]

 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?

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.

[rodskee]

Gambling is generally illegal in Thailand. Polymarket is operating without a license. In other words, there's a reason for the government to ban it. In the first place, Polymarket should have obtained the nod of the Thai government before offering its products to the people and making money from them. I guess that's basic.

thailand is still in the process of finalizing their gambling laws i do not know if this restriction towards polymarket is a clear indication of where their stance is at when it comes to their gambling laws

but let us remember that polymarket is a betting site and there are other online casinos with actual casino games and only official sports betting events offered so maybe that is another factor thailand had to consider

I don't think gambling itself is a form of grieving in Thailand. It may play a minor role though in their complex religious and cultural practices as regards death, wake, funeral, and so on.

i am surprised that gambling is seen as a form of grieving in thailand or at least part of their process of grieving because predominantly thais are buddhists and buddhism does not view gambling positively

[Darker45]

~snip~

thailand is still in the process of finalizing their gambling laws i do not know if this restriction towards polymarket is a clear indication of where their stance is at when it comes to their gambling laws

but let us remember that polymarket is a betting site and there are other online casinos with actual casino games and only official sports betting events offered so maybe that is another factor thailand had to consider

Thailand has gambling laws already. Part of their existing laws is the prohibition of online gambling. Needless to say, Polymarket is illegal.

But I've read there have been proposals to amend the laws to open the country for casinos. Thailand has a huge tourism industry. Resorts and casinos would boost it, thereby boosting the country's economy as well. Apart from this, there are also proposals to legalize online gambling. So far, however, they aren't yet approved much less implemented.

~snip~

i am surprised that gambling is seen as a form of grieving in thailand or at least part of their process of grieving because predominantly thais are buddhists and buddhism does not view gambling positively

Yeah, gambling is bad as far as their beliefs are concerned. It's a vice that should be avoided. Gambling is one of those four vices which are considered "portals of hell". And I love their saying against gambling that goes, "Ten burglaries leave you with a house, ten fires leave you with a land, but gambling once leave you nothing."^[1]

[1] https://en.wikipedia.org/wiki/Gambling_in_Thailand#Social_issues

[Text]

The authorities are focusing on the illegal nature of online gambling and the risks associated with cryptocurrency transactions. They are concerned about the broader implications of unregulated gambling such as potential economic and social harm. I believe the issue with online gambling platforms could be more about the legal and regulatory risks involved. The government sees the uncontrolled nature of online betting as a threat to social order or national stability especially when there are concerns about minors or vulnerable groups gaining access.

https://readwrite.com/thailand-ban-polymarket-illegal-online-gambling

[kotajikikox]

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.

You are surprised for the wrong reasons. For me it is surprising because the prime minister of Thailand has just given his approval for the government to draft a law regarding the approval of gambling in resorts as part of their tourism progress growth. I guess they are not looking to approve online casinos but rather live casinos only where they could monitor and see how these casinos operate and who are the ones who frequent these locations.

[cryptoaddictchie]

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?

Probably due to what Darker45 mentioned. Based on the article its Polymarket they are banning due to unavailable docs to operate on thailand users. Well this is probably they do it. On the other note, they have rights for that if the said platform doesnt secure permission of Thailand. I believe they arent doing this to have bad blood on gambling, theres a thread few days that Thailand is building and promoting a new casino, if they hate gambling they wouldnt build a casino promoting gambling in the first place.

[ethereumhunter]

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.

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

[Charles-Tim]

Ever since Polymarket has become well known to the governments after the recent United States election, many countries have began to ban it. The reason that I read about the ban is regulation. Singapore banned Polymarket not more than 2 weeks ago or so. Also Thailand ban the betting site like 2 days ago. Also some other countries are looking into the matter. There is still possible ban of the betting site coming from other countries.

[peter0425]

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

Isn’t obvious? It will also be banned. Otherwise the Thailand government would appear inconsistent and biased. They need to set clear regulations and let the people know what is wrong with Polymarket so that those interested in setting gambling platforms in Thailand do not get confused and get it wrong.

[danherbias07]

But that tradition is physical gambling and not an online one. So it doesn't really fit in. Plus, I don't really think that's the reason behind the ban on Polymarket in their country. We have seen other countries doing the same, not liking the system of decentralized gambling and I think they are not wrong. No tax and unseen movement of money will be a big problem as there could be cases like money laundering that are happening without the government even noticing it.
It's true that it is one of the most popular gambling sites now but that's only because it made the trend in the US presidential elections. Sadly, that also made them seen and now countries are banning it.

[Die_empty]

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.....

Polymaket is not an ordinary betting platform. It gives gamblers the privilege of betting on almost anything. Some countries see it as a tool to manipulate political and economic issues. The US government is currently investigating the influence of polymaket on the just concluded elections.

Its decentralized nature is another challenge. Most countries want gambling platforms operating in their jurisdiction to be under the control of the government. So they are usually threatened by the existence of decentralized platforms. Gamblers in Thailand still have other options if Polymaket is banned.

[retreat]

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.

[_act_]

They need to set clear regulations and let the people know what is wrong with Polymarket so that those interested in setting gambling platforms in Thailand do not get confused and get it wrong.

It was clearly stated. Thailand’s Cyber Crime Investigation Bureau proposed the ban because of illegal online gambling through crypto on Polymarket. Click on the link that OP included or you can read from the quote below.

Thailand’s Cyber Crime Investigation Bureau said Tuesday it will propose a ban on Polymarket stating that the platform facilitates illegal online gambling through crypto.

Thai authorities noted that the decentralized prediction marketplace’s operations fall under illegal online gambling, which is prohibited in the country.

I do not know if it is politics or if it is true, but I know there are many crypto gambling sites that the governments do not know are providing gambling products and services to their citizens.

[Davidvictorson]

Polymarket continues to thrive even after facing multiple bans across the world, as it recorded over $991.93 million in trading volume in the last 30 days, as per DappRadar data

The countries that were listed that haved banned Polymarket are Taiwan, Singapore, and now Thailand. Though they have cited that it is to reduce illegal gambling, I doubt that this is the true reason for it. Look at what happened during the US elections and how they were accused of manipulating the results - many of these countries fear that it is more than just a prediction site. They fear that it will grow into a platform that influences who people vote during their elections. Therefore they have to act now before it gets too late.