Thailand to Ban Polymarket in Online Gambling Crackdown

[Ever-young]

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

Or they falsely want to drag them to come get a license and be regulated since they are pulling out a big population; Polymarket is really making a trend, and their popularity is not something to be overlooked. Thailand could be eyeing the possible revenue that could be earned from them if they can convince them to be regulated and be taxed just like other gambling companies.

[Sanitough]

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.....

We respect their judgment, and besides, it was not only Thailand that banned the Polymarket site, and this questioned the credibility and legality of the site itself and how it is marked as illegal. 

But I see the situation that they don't welcome online betting but local gambling. In fact, how can online games be used in mourning? No, and instead of adapting online casinos, they'd rather promote and continue adapting their local games. 

We can't question their culture, and I was certain that they were doing what is best for the community rather than their personal gain. 

[finaleshot2016]

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.....

Afaik, thailand have strict gambling laws so it's not impossible for them to include polymarket on the banned list.Gambling is mostly illegal there, except for the government lottery and horse racing. Platforms like Polymarket, even if they market themselves as prediction markets, can fall under gambling laws because people are wagering money on outcomes. As long as it involves money, it falls under the gambling law.

Overall gambling in Thailand is banned under the Gambling Act of 1935, there are few gambling sports like horse racing that's regulated by the government, but I think because it's their culture and part of history, not sure about it.

[tread93]

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

Or they falsely want to drag them to come get a license and be regulated since they are pulling out a big population; Polymarket is really making a trend, and their popularity is not something to be overlooked. Thailand could be eyeing the possible revenue that could be earned from them if they can convince them to be regulated and be taxed just like other gambling companies.

They are definitely applying the pressure here and you're right this could ultimately be a push for polymarket to abide by the government rules and regulations just so that they can tax them, I didn't think about that strategy I was leaning more so towards them trying to entice and ready the market for a physical gambling outlet instead as a result of all the caused uproar, but only time will tell what happens. The thing is that anyone can access these betting platforms with VPN can't they? haha

[kotajikikox]

They are definitely applying the pressure here and you're right this could ultimately be a push for polymarket to abide by the government rules and regulations just so that they can tax them,

It is a possibility but I doubt it. Other countries have also shut their doors on Polymarket so it is possible that Thailand is just following those other countries. They might see something in polymarket that they all collectively do not see as something beneficial for their citizens.

Here is a list of countries that have banned polymarket

The thing is that anyone can access these betting platforms with VPN can't they? haha

The government is not concerned about you accessing the platform they are concerned about how you do it. Using a VPN to access the platform will mean that you are accessing it illegally which gives the government the grounds to punish you.

[shasan]

illegal form of gambling

They have mentioned it? Sorry, I have not gone through the article. But if they mention it then the answer to your question is on the post. If any gambling site or house does not follow the rules of any country then the government of that country can restrict/ban that gambling site/casino house. ANd I think the government Thailand considered that.

[robelneo]

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.....

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.

[uneng]

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. It might be that they fear losing revenue which is made through taxes paid by local casinos. I'm not from those regions, so that is just a speculation about this matter.

Anyway, governments can't stop the strength of online, crypto and decentralized means of gambling. They may enforce regulations and prohibitions, but there will be always gamblers willing to break the law, valuing their own individual freedom above any impositions striked by centralized authorities.

[bitterguy28]

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. It might be that they fear losing revenue which is made through taxes paid by local casinos. I'm not from those regions, so that is just a speculation about this matter.

gambling is not openly welcomed in thailand on the other hand crypto is widely accepted with millions of thai citizens using or owning crypto they are one of the first ones in asia to accept crypto same with singapore where crypto is also accepted

one thing you are right about though is that both thailand and singapore regulate crypto so i wouldn’t be surprised if it’s the decentralization that threatened them

Anyway, governments can't stop the strength of online, crypto and decentralized means of gambling. They may enforce regulations and prohibitions, but there will be always gamblers willing to break the law, valuing their own individual freedom above any impositions striked by centralized authorities.

they better hope they don’t get caught lol

[Julien_Olynpic]

This is a rather strange event. I read that Polymarket does not have a license in Thailand... But, in my opinion, you should not equate this prediction platform with a regular casino. After all, it is a largely decentralized platform. Trying to ban it on the basis that it does not have a license is the same as trying to ban Bitcoin because Bitcoin does not have a license in a particular country, lol. The gaming industry does not stand still and gradually more and more elements of decentralization are beginning to penetrate it. Sooner or later, national governments will abandon the idea of ​​​​licensing everything.

[ethereumhunter]

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.....

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.

Yes, we can not do anything if the country allow or prohibit gambling. They have their own policy to control all of their people and run their economy. If they think that gambling can gives additional income for them, they will allow gambling and will control by release another regulation. If not, they will prohibit their people to playing gambling and will not let any casino run their business in their country. Even if that can give danger or too risky for their people, that will be okay if they still allowing gambling in their country. We should respect their decision related to gambling so we just see what will happen to their country.

[Swordsoffreedom]

First of all, gambling is not legal in Thailand. Although weed and alcohol are legal here, they do not legalize gambling. Both casinos and online gambling are illegal in Thailand. Although I have heard several times that Thailand will legalize gambling to attract tourists. But now it does not seem that the government is thinking about it.

However, Polymarket has been banned in several countries. Thailand is not the first to ban it. Singapore and Taiwan banned Polymarket in the last few years.

Also, I think Polymarket has a lot of internal problems. When France started investigating Polymarket last year, Polymarket voluntarily closed all its operations in France. I think Polymarket failed to maintain financial transparency.

[Smartprofit]

Of course, I may be wrong, but I have the impression that Thailand has very strict legislation.

As far as I understand, many actions permitted in other countries are prohibited in this country. At the same time, criminal and administrative liability for crimes and offenses in Thailand is very severe.

In my opinion, the ban on the Polymarket Internet platform may be due to the fact that Polymarket allows you to create ideal social surveys of the population on many issues. Governments of states seek to hide the truth about many things. And Internet platforms such as Polymarket, originally created for entertainment purposes, reveal the true state of affairs and the true mood of the people.

Perhaps many in power do not like this very much. By the way, Thailand is not the first country that seeks to ban Polymarket.

[Hispo]

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 could bet a handful of Satoshis that ban by the government of Thailand won't stop the common gambling people from engaging with betting markets like Polymarket and other websites with allow their users to make use of Cryptocurrencies. I doubt police people of Thailand and the law enforcing agencies of that country have enough political will power and money to fund a massive enforcement of the ban, to seek those who may be using VPN and other tools to conceal their nationality and IP address on the internet, so this will be a symbolic ban, not even a de facto one.
If the sitting government of that country was smart enough, then they would talk to the CEO of Polymarket and allow their citizens to gamble, under the conditions of paying reasonable taxes to Thailand treasury from gambling winnings/earnings. Instead, this will o my benefit those who sell premium VPNs.

[nimogsm]

This is a rather strange event. I read that Polymarket does not have a license in Thailand... But, in my opinion, you should not equate this prediction platform with a regular casino. After all, it is a largely decentralized platform. Trying to ban it on the basis that it does not have a license is the same as trying to ban Bitcoin because Bitcoin does not have a license in a particular country, lol. The gaming industry does not stand still and gradually more and more elements of decentralization are beginning to penetrate it. Sooner or later, national governments will abandon the idea of ​​​​licensing everything.

They are trying to ban it because they cannot regulate it and get income from it for the state treasury. You are right that it looks pretty funny, those who want to continue making forecasts there will bypass this "ban" without much effort since it is simply impossible to track everyone there, the industry is developing very quickly, but governments are not keeping up with technological progress, it will not be possible to simply ban it.

[Yamifoud]

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.

I think so. They just make some reason for them to decline and stop online gambling in their place, but in general, they don't want it due to their religious belief. But we don't need to argue if we are doing it right or wrong concerning their rules. Besides, Polymarket's illegal presence is enough for them to decline, even in our country.

It is a free will for every country and gambling discretion. But I believe that they weigh more respect on their beliefs rather than the wants of the people.

[batang_bitcoin]

There is a huge possibility that this is all about terms and agreement from Polymarket and then the Thailand government. They're known for tourists attractions and cheap living and I think banning Polymarket is that they're seeing the advantage of their locally made casinos that are paying their due and taxes. I don't know about the part of Poly if they are doing the same but that's one factor why online gambling markets are being halted and banned. And that is because their customers instead of going to support the local ones and get incentivized, they go to the global gambling markets like Poly.

[Questat]

There is a huge possibility that this is all about terms and agreement from Polymarket and then the Thailand government. They're known for tourists attractions and cheap living and I think banning Polymarket is that they're seeing the advantage of their locally made casinos that are paying their due and taxes. I don't know about the part of Poly if they are doing the same but that's one factor why online gambling markets are being halted and banned. And that is because their customers instead of going to support the local ones and get incentivized, they go to the global gambling markets like Poly.

That can be one reason as well. Instead of giving opportunities to other people outside their country, they'd rather consider their local casinos to benefit the most. That seems reasonable enough, and they know that their people will comply with all the requirements needed, apart from how online casinos operate, like Polymarket. Of course, it was their call to make decisions, and surely they will choose where it favors their people more than others.

Some gamblers say it is wrong, but they just want to make their country safe and make sure that all casinos are legally operated.

[batang_bitcoin]

There is a huge possibility that this is all about terms and agreement from Polymarket and then the Thailand government. They're known for tourists attractions and cheap living and I think banning Polymarket is that they're seeing the advantage of their locally made casinos that are paying their due and taxes. I don't know about the part of Poly if they are doing the same but that's one factor why online gambling markets are being halted and banned. And that is because their customers instead of going to support the local ones and get incentivized, they go to the global gambling markets like Poly.

That can be one reason as well. Instead of giving opportunities to other people outside their country, they'd rather consider their local casinos to benefit the most. That seems reasonable enough, and they know that their people will comply with all the requirements needed, apart from how online casinos operate, like Polymarket. Of course, it was their call to make decisions, and surely they will choose where it favors their people more than others.

Some gamblers say it is wrong, but they just want to make their country safe and make sure that all casinos are legally operated.

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.

[TopT3ns]

There is a huge possibility that this is all about terms and agreement from Polymarket and then the Thailand government. They're known for tourists attractions and cheap living and I think banning Polymarket is that they're seeing the advantage of their locally made casinos that are paying their due and taxes. I don't know about the part of Poly if they are doing the same but that's one factor why online gambling markets are being halted and banned. And that is because their customers instead of going to support the local ones and get incentivized, they go to the global gambling markets like Poly.

That can be one reason as well. Instead of giving opportunities to other people outside their country, they'd rather consider their local casinos to benefit the most. That seems reasonable enough, and they know that their people will comply with all the requirements needed, apart from how online casinos operate, like Polymarket. Of course, it was their call to make decisions, and surely they will choose where it favors their people more than others.

Some gamblers say it is wrong, but they just want to make their country safe and make sure that all casinos are legally operated.

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.