Thailand to Ban Polymarket in Online Gambling Crackdown

[Dave1]

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.

Yep, it's more on the manipulation accusations that might have this countries ban Polymarket. Usually though it's southeast asian country, maybe France in the bigger side. But still though, we all know that gambling is really a huge business specially now that everything is online, it's really hard to cap Polymarket now.

On the contrary, when countries ban it, maybe it will reignite the curiosity of most gamblers around the world and so they will try it for sure. Or there is VPN, so maybe gamblers in ban nations will still gonna play using VPN to get away from their country restricting access to it.

[Hatchy]

  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.....

If gambling was used as a means of grieving in the country, then I don't see any reason why something like ploymarket should be banned. The only thing that comes to my mind now is that they probably didn't get licensed by the government or refused to pay certain amount of money to the government to carry out their operations, thus were tagged illegal. I dot see anything illegal about poly market it's an open market just that people bet on events. So there must be a full story to the ban in Thailand.

[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.

[Cointxz]

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.....

Their culture is evolving and they are not the only country that is once pro gambling and now turns to full banned on gambling just like what Thailand did on cracking down almost all form of gambling.

The people before has less choices for entertainment while the current people has a lot of choices to entertained themselves. Probably, Thailand government see a lot of bad effect on gambling that is not aligned to their current citizens lifestyle.

[dansus021]

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 believe the real reason behind the ban it simply because the thailand government didn't get the slice of the cake you know what I mean and secondly what I know that thailand is "A draft bill, that was approved on Monday, is the first step in bringing gambling clubs to the country. Some forms of gambling, such as betting on boxing and horse racing, are allowed in Thailand. However, casinos remain illegal. “It will benefit society as a whole in the future,” Paetongtarn said." Meaning the casino is still illegal there https://www.euronews.com/travel/2025/01/14/thailand-to-make-casinos-legal-attract-tourists#

[Porfirii]

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.

That's just a hypothesis, but imagine that anyone could manipulate the public perception of who is seen as the candidate with most chances of winning, or even better, with most chances of overtaking the favorite. Enough citizens could be tempted to bet and, even if it's the worst candidate, vote for it. Considering that a few votes are usually decisive, Democracy itself could be at stake.

[coin-investor]

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.....

There are forms of gambling that are legal in Thailand, like the lottery and racehorses that are sponsored by the state, but when it comes to other forms of gambling that are not sanctioned by the government, its illegal, and since Polymarket is becoming the casino of choice of many in Thailand because of its popularity, they have no choice but to ban it, and I think its not only Polymarket but other casinos as well. We have to respect the government laws; they think gambling is bad for their people, and they need to take action.

[Potato Chips]

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.

[nimogsm]

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.....

There is literally the second sentence: Thai authorities noted the decentralized prediction marketplace’s operations fall under illegal online gambling, which is banned
In other words, the Thai authorities cannot control and influence the platform, they also do not receive any tax revenues to the budget and, accordingly, will not be able to protect players in the event of a negative scenario, since there is no law on decentralization.That's all.

[ChiBitCTy]

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 

[Slow death]

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.....

Unfortunately, there are governments that create laws that are not good for some people in the country, and as long as people are voting for people who have ideas of deciding everything for other people instead of giving people more freedom to decide their own futures, we will always see this type of news. The casino has no reason to complain and no one in Thailand can complain because the law is clear, they prohibit gambling and that's it.

[swogerino]

Well it may seem odd but when I lost my dad many many years ago I used to go to the arcade machines back then and it seemed that in that time the sorrow was flying away from me as my mind was fully focused there, I was young at that time but I imagine if it happened nowadays that thing surely going to a casino can make you forget about the sorrow during the time you are there as you get yourself involved in a gaming world with different sounds and animations that make you feel like you are part of them. I don't know about this Polymarket thing but surely Thailand has a great culture if they encourage gambling during time of so much hardship for one person, that makes it strange to see that they are starting to ban what they did encourage so far to do during times of sorrow and hardships.

[Odusko]

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?

[Dr.Bitcoin_Strange]

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.

You are right, based on one article that I read before now, I noticed that it's horse race and lottery that is also legal in the country, apart from that, there are so may other illicit kinds of betting that is popular in the country.  If they can ban poly market, they should also ban all those other illicit betting.

[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.

[Aanuoluwatofunmi]

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.....

The best we can do now is to just respect the traditions of many countries as it may appears, to them, that is the best way or approach on gambling, while to us, we are seing it as another thing entirely, there is nothing we can do about it, I also want to believe that Polymarket wasn't the only one available there, they are quite aware of the presence of gambling platforms, just that their own beliefs and traditions is what was tuned to some of their decisions taken, it the ban Polymarket, others are there operating.

[Maslate]

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.

[slapper]

It's interesting to see how Thailand's position fits in with a larger trend around the world of countries cracking down on "frontier gambling." It's easy to tell what will happen in traditional card games in a temple courtyard, but not when you use crypto to bet on political events without a central bank. It's not just about right and wrong; it's also about power. Regulators are worried about huge amounts of money that are not controlled

One innovative idea is to use blockchain to make things more clear instead of banning them completely. Think about a controlled ledger that keeps track of who bets, how much, and on what event. It would have limits to keep people safe. That might be a good way to protect traditional practices like gambling at funerals (which meets a social need) while also stopping large-scale fraud in online prediction markets. Seems like a chance for a "third way" that values both new ideas and social duty that hasn't been taken yet

[Odusko]

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.

[Nwada001]

There could be some reasons why they are planning to ban Polymarket; 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 Polymarket 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.