[NEWS]Netherlands Bans Polymarket Over "Illegal Gambling Services"

[yahoo62278]

I dont use polymarket and likely never will but I'm probably gonna have to agree that it is a gambling platform abd they are just trying to use a loophole to bypass restrictions in some areas by saying prediction platform.

What i dont agree with is telling people how they can or cannot spend their money. If someone wants to use the platform then let them.

[Alphakilo]

The predictions market, unlike any gambling platform out there, exist to make money. Irrespective of what they define their terms of operations to be. All they must do to exist within a country these days is to get the right license, pay the supposed taxes and try to expand. Wherein they aren't fulfilling any of these, they start having such problems with the government for many reasons possible.
It's just so unfair that Polymarket had to become popular, because this is the problem that comes when a business is distinct in service but not controlled by the government.

[bangjoe]

Polymarket is indeed an article of gambling that we have already realized before where we can bet on predictions in the Polymarket, the prediction market claim is just another word for future betting, as long as we can bet there then it is a place to gamble.
The Dutch decision is indeed correct because they also definitely act according to the regulations that already exist there, there are many strange things about betting on Polymarkets so perhaps the Dutch government will ensure that its citizens can remain safe from very random predicted bets on Polymarkets and can avoid schemes carried out deliberately by certain people to take advantage of bettors on Polymarkets.

[Alpha Marine]

Polymarket is a gambling market. There is no doubt about that. All the mental gynastics doesnt change that.

My question about Polymarket is how easy or difficult it is to cheat. Stuff like insider information, for example, can be very common.
Let's use the Oscars as an example. If I work there and I know the winners, can't I simply make bets on certain outcomes and make money from it?

I saw a video of people who voted for the MVP of teh superbowl to say, "I want to give thanks to God" in his speech. What if his friends agree with him to say a certain thing and they bet on it and make moeny? Or what if he bets on it himself?
These are just the questions ive always had about it.

[passwordnow]

The same idea with the exchanges like Binance, they've been asked to get licenses from the countries where they are operating and have a lot of userbase. So, whether polymarket is a gambling platform or a prediction market for as long as it's serving people from these countries like the Netherlands, they'll have to get registration from the government. It all leads to the taxes and the fees that be sucked from them by any government that will look upon it. Now, thanks to them that the other countries now have an idea if ever they see a wide number of their citizens who uses them.

[Wakate]

This is a big joke and I don't understand why the government of these countries not only Netherland but France and many of the European countries had banned it while citizens can still outsmart the government by making use of VPN.
I don't see any reason why it should be banned unless they don't want a gambling or prediction platforms to operate in their region.
Users that are from the banned countries can access the platform through other means.

[Slow death]

Well, what Polymarket needs to do is very simple: hire a lawyer in the Netherlands to handle the entire regulatory process and start operating legally in the Netherlands, or follow the instructions of the Dutch government and not provide its services to Dutch citizens. Obviously, hundreds of Dutch citizens will be using the site clandestinely. But in that case, the fault will lie entirely with the citizen and not the site, because the site will clearly state in its Terms of Service that access is prohibited to Dutch citizens.

[JeffBrad12]

The Netherlands has banned Polymarket from the country as it deemed the platform as a gambling paltform that is operating without a license.

according to the article, the Netherlands ordered Polymarket to cease offering service to its Dutch users, and if they fail to comply with the order, they will be fined €420,000 per week, up to a maximum of €840,000.

A gambling platform needs a lot of licenses to operated in most of countries in EU. Meanwhile, Poly was never caring about that. No doubt many EU countries are banning them right now. Netherland is the latest one.
In addition, i've heard Ukraine was also banning them along with Portugal that already told all of ISP to blacklist them. The more countries are becoming unfriendly with them. They're just becoming the new public enemy. It's interesting how they can hustle with so many countries against them.

For those who don't know, there have been discussions/debates as to what Polymarket is. There are people/countries who say that it is a gambling platform, while there are people/countries who say that it is a prediction market. Personally, and I've said this before, I think Polymarket should be considered as a gambling platform, and to be honest, I think their "prediction market" claim is just an excuse for them to bypass restrictions that would be imposed on them if they called themselves a gambling platform. This is just my opinion, so you can agree or disagree with it.

In gambling we bet for the outcome for an event.
In prediction market we predict the outcome for an event.

So what's the differences? Using it to defend themselves if they are not a gambling platform is showing how dumb they are. No doubt many countries ban them. Even they don't aware if they were a gambling platform. 

[mitchr4]

Polymarket is a gambling market. There is no doubt about that. All the mental gynastics doesnt change that.

My question about Polymarket is how easy or difficult it is to cheat. Stuff like insider information, for example, can be very common.
Let's use the Oscars as an example. If I work there and I know the winners, can't I simply make bets on certain outcomes and make money from it?

I saw a video of people who voted for the MVP of teh superbowl to say, "I want to give thanks to God" in his speech. What if his friends agree with him to say a certain thing and they bet on it and make moeny? Or what if he bets on it himself?
These are just the questions ive always had about it.

That's a great point about insider information. This is actually one of the biggest weaknesses of prediction markets like Polymarket. There's no system that can fully prevent people with inside knowledge from taking advantage of it. If that happens, it's not really a prediction anymore it's just cheating. And this is also one of the reasons why regulators find it hard to trust platforms like this to operate fairly.

[KTChampions]

Boo fucking hoo. They also passed the law to tax unrealized gains on stocks and crypto recently. At this point the Netherlands is committing suicide or they are getting sabotaged. I find first scenario to be more realistic since I see some Dutch people have no problems with what’s going on.

Look where we are now. We can’t even use our crypto to bet on future events. We are cooked.

News from Europe (and frankly from everywhere, if it's news about regulation) resembles news from a madhouse. Totalitarianism is encroaching everywhere. Even on the internet, a huge number of countries are starting to require full user verification, supposedly to protect children. But first, I'd like to know who gave these bastards the right to ban social media for children under a certain age. It's none of their business. Such legislators should first be sent to forced rehab and then to prison.

[Sandra_hakeem]

Look where we are now. We can’t even use our crypto to bet on future events. We are cooked.

It's not even far fetched. Afaik, polymarket has been able to sketch themselves on a different segment of what the sell out to the general public; what they believe is different from other regular gambling sites, but there's nothing really different going on. Just like everyone has mentioned, a ton of vpns can save time and money!

What i don't agree with is telling people how they can or cannot spend their money. If someone wants to use the platform then let them.

They're not telling people how to spend their money, they just need a cut! This looks more like trying to get a quarter of said site to compulsorily acquire a license (which is the proper thing to have done no doubt), but for what now? Taxation policies obviously.

[acroman08]

I know the thread has been inactive for months, but there is an update about Netherlands and Polymarket.

Apparently, Polymarket filed an appeal to the KSA(Kansspelautoriteit) to drop the sanction that was placed on Polymarket for offering illegal gambling services in the Netherlands in March, Polymarket claims that the platform "was merely an interface to an open-source blockchain protocol (Polygon). This is where users can trade peer-to-peer positions using crypto wallets and an external oracle validates outcome". KSA rejected their reasoning and said that "that the element of chance, beyond the decisive influence of participants, indicated its offering was providing gambling services. The involvement of blockchain technology, crypto wallets, or decentralised protocols does not exempt the operator from Dutch gambling laws".

https://igamingbusiness.com/prediction-markets/ksa-uphold-sanctions-against-polymarket-illegal-online-gambling-despite-appeal/

[Hispo]

I know the thread has been inactive for months, but there is an update about Netherlands and Polymarket.

Apparently, Polymarket filed an appeal to the KSA(Kansspelautoriteit) to drop the sanction that was placed on Polymarket for offerign illegal gambling services in the Netherlands in March, Polymarket claims that the platform "was merely an interface to an open-source blockchain protocol (Polygon). This is where users can trade peer-to-peer positions using crypto wallets and an external oracle validates outcome". KSA rejected their reasoning and said that "that the element of chance, beyond the decisive influence of participants, indicated its offering was providing gambling services. The involvement of blockchain technology, crypto wallets, or decentralised protocols does not exempt the operator from Dutch gambling laws".

https://igamingbusiness.com/prediction-markets/ksa-uphold-sanctions-against-polymarket-illegal-online-gambling-despite-appeal/

So basically, Polymarket wanted to explain to the Dutch regulators that blocking their URL does not actually make anything, as people could continue to have access to betting market thought the Blockchain of polygon.
Still, it seem Dutch regulators are very aware that the bulk of bettors gain access to those markets thanks to the interface provided by Polymarket, so it seems it is relevant enough for them to ban access to it for anyone living in the the Netherlands...

It seems the European market will eventually get too tough against Polymarket in the future, unless some regulator clears the path for them to operate as they want.
It makes me wonder why Polymarket simply don't go and apply for a license in order to be recognized as bookie in the European Union, as casino do.

Don't they want to drop the "trading narrative"?

[acroman08]

So basically, Polymarket wanted to explain to the Dutch regulators that blocking their URL does not actually make anything, as people could continue to have access to betting market thought the Blockchain of polygon.
Still, it seem Dutch regulators are very aware that the bulk of bettors gain access to those markets thanks to the interface provided by Polymarket, so it seems it is relevant enough for them to ban access to it for anyone living in the the Netherlands...

It seems the European market will eventually get too tough against Polymarket in the future, unless some regulator clears the path for them to operate as they want.
It makes me wonder why Polymarket simply don't go and apply for a license in order to be recognized as bookie in the European Union, as casino do.

Don't they want to drop the "trading narrative"?

If they do that, it would ruin their claim that they are not a gambling platform, their platform would also be under gambling regulations, which is probably one of the things they are trying to avoid. All the countries and states that have banned/blocked Polymarket would use that instance to argue against Polymarket's claims. That's why they are trying to get the sanction dropped without complying with what the Netherlands wants.

[yhiaali3]

This is a pathetic attempt by Polymarket to hide behind blockchain, and what's worse is that they are telling the Dutch authorities that users can access their services despite the ban. This is outrageous in my opinion, and I doubt they will get a license from the Dutch authorities.

Also, now that the European Cryptocurrency Markets Regulation Act (MiCA) has come into effect at the beginning of this month, it will become very difficult for Polymarket and many other services to operate in the European Union.

[fullfitlarry]

I dont use polymarket and likely never will but I'm probably gonna have to agree that it is a gambling platform abd they are just trying to use a loophole to bypass restrictions in some areas by saying prediction platform.

And we all know that once the loophole has been discovered, they are going to be close as soon as possible. So Polymarket has it's time under the sun, but this time, they have been exposed that's why there are so many countries that are going to ban them.

Otherwise, if they go under regulations, then maybe they can still go and survived. But the thing is that they might not make that big money as they used to as regulators will have to take some out of it and probably that's why they don't want to happen.

[TypoTonic]

I know the thread has been inactive for months, but there is an update about Netherlands and Polymarket.

Apparently, Polymarket filed an appeal to the KSA(Kansspelautoriteit) to drop the sanction that was placed on Polymarket for offerign illegal gambling services in the Netherlands in March, Polymarket claims that the platform "was merely an interface to an open-source blockchain protocol (Polygon). This is where users can trade peer-to-peer positions using crypto wallets and an external oracle validates outcome". KSA rejected their reasoning and said that "that the element of chance, beyond the decisive influence of participants, indicated its offering was providing gambling services. The involvement of blockchain technology, crypto wallets, or decentralised protocols does not exempt the operator from Dutch gambling laws".

https://igamingbusiness.com/prediction-markets/ksa-uphold-sanctions-against-polymarket-illegal-online-gambling-despite-appeal/

I don't know what they expected with such an appeal. No matter how you look at it, they're definitely closer to a gambling platform rather than a trading platform.

If we look at the definition of Gambling under Dutch law, it states: "A game in which prizes or premiums can be won and the participants generally have no predominant influence on the outcome, as the outcome is determined by chance." ^[1] Polymarket's services seem to fit here, since it's marketed as: "The world's largest prediction market, allowing you to stay informed and profit from your knowledge by betting on future events across various topics." ^[2], and it's also one of the arguments that KSA used to dismiss the appeal.


[1] https://www.legal500.com/guides/chapter/the-netherlands-gambling-law/
[2] https://help.polymarket.com/en/articles/13364060-what-is-polymarket

[arwin100]

I know the thread has been inactive for months, but there is an update about Netherlands and Polymarket.

Apparently, Polymarket filed an appeal to the KSA(Kansspelautoriteit) to drop the sanction that was placed on Polymarket for offerign illegal gambling services in the Netherlands in March, Polymarket claims that the platform "was merely an interface to an open-source blockchain protocol (Polygon). This is where users can trade peer-to-peer positions using crypto wallets and an external oracle validates outcome". KSA rejected their reasoning and said that "that the element of chance, beyond the decisive influence of participants, indicated its offering was providing gambling services. The involvement of blockchain technology, crypto wallets, or decentralised protocols does not exempt the operator from Dutch gambling laws".

https://igamingbusiness.com/prediction-markets/ksa-uphold-sanctions-against-polymarket-illegal-online-gambling-despite-appeal/

I don't know what they expected with such an appeal. No matter how you look at it, they're definitely closer to a gambling platform rather than a trading platform.

If we look at the definition of Gambling under Dutch law, it states: "A game in which prizes or premiums can be won and the participants generally have no predominant influence on the outcome, as the outcome is determined by chance." ^[1] Polymarket's services seem to fit here, since it's marketed as: "The world's largest prediction market, allowing you to stay informed and profit from your knowledge by betting on future events across various topics." ^[2], and it's also one of the arguments that KSA used to dismiss the appeal.


[1] https://www.legal500.com/guides/chapter/the-netherlands-gambling-law/
[2] https://help.polymarket.com/en/articles/13364060-what-is-polymarket

Maybe they try to fix the issue and hope that government will consider. Bit if you look on how Dutch define it, this will continue to fall as gambling.

And even they frames when they do a marketing that bets on future event. That sealed up their status that's why rejected their appeal. Under Dutch Law they really behave as betting or gambling site, rather than a financial trading platform.

[KTChampions]

This is a pathetic attempt by Polymarket to hide behind blockchain, and what's worse is that they are telling the Dutch authorities that users can access their services despite the ban. This is outrageous in my opinion, and I doubt they will get a license from the Dutch authorities.

Also, now that the European Cryptocurrency Markets Regulation Act (MiCA) has come into effect at the beginning of this month, it will become very difficult for Polymarket and many other services to operate in the European Union.

Are you serious? I hope things get to the point where Polymarket will just give up on these fucking officials and completely ignore them. Ultimately, since they don't have "permission" from the authorities to operate, there are no obligations. Polymarket can continue to operate, providing service to any user with a VPN (even from the EU) without having to worry about those fucked-up officials and their wishes.
In the end, everyone will be happy, right?

[mirakal]

. Polymarket can continue to operate, providing service to any user with a VPN (even from the EU) without having to worry about those fucked-up officials and their wishes.
In the end, everyone will be happy, right?

Polymarket will already be happy if they will not get sued, or even if they get sued, as long as they are not forced to pay a huge monetary penalty.

If this was in the US, I think they can enforce the law more strictly, and no one would dare to operate there without a license.

So what is happening now is maybe Polymarket is also testing how strong the law is in this country. Their ban announcement seems to have no real effect because people can still access Polymarket, like you mentioned, by using a VPN.