Another country, blocked Polymarkets

[Nwada001]

For countries that don't like gambling and don't support it in the first place, banning prediction markets won't look surprising to me, but for others, I can easily say the type of events that they deploy and make available for betting on in the market contributes highly to how they are being treated, and while there is a push for banning it, especially with the rumors of insider getting involved.

Since some of the platforms are decentralized, it becomes difficult to regulate them. These countries that are banning prediction markets want to regulate their activities. Predictions on events that cause suffering and pain to people are an area I don't like in these prediction markets. Another thing I don't like about their services is the suspicious insider trading that is going on.

Do you really believe that those prediction markets are fully decentralised? Because that's a big fat lie, those operators still have to somehow approve or disapprove of what can be listed on the market. The same way they could easily remove whatever event that's available for betting from their space, they can also manually filter what gets listed, but what they care about is whatever event that can attract bettors and gives them traffic and profit.

[robelneo]

India cracks down on prediction markets: Polymarket goes dark, Kalshi could be next

Almost all countries are seeing prediction markets as gambling sites.

South Korea could be the next to ban them. We have a thread on that, and with all these numbers, Polymarket is sure to be marked as a gambling platform
and they will be restricted in countries where gambling is banned, and they need a license in countries with strict regulations to continue operating.
They have a good start, but abuse exposes them as a gambling platform; they need to think about what direction they are heading now.

[salad daging]

It seems, that all countries that oppose gambling will soon block Polymarket, and the reason is; because, they consider prediction markets to be gambling. My country, Indonesia, has also blocked the Polymarket platform website, citing the government assessment; that the platform resembles online gambling practices.

Reference : www.cnnindonesia.com - Komdigi Blocks Polymarket, a Gambling Site Disguised as a 'Prediction Market' (You need "Bahasa" to "English" translation to read it)

As it is, many countries will oppose Polymarket and block it because this platform is considered gambling, betting on uncertain events is gambling.

Currently we can still access Polymarket by using Cloudflare DNS.

Komdigi took this action after Prabowo was betting on the prediction market, it became a big deal on social media and the government took action, but I don't think it will have much impact as people can still access the platform in any way.

[Strongkored]

Indian authorities classify prediction markets as prohibited online money gaming.

India prohibits gambling, so since prediction markets are also gambling, it is natural for India to ban polymarkets from operating, even though its citizens may still access them via VPN.
Apart from Polymarket, India has certainly banned many gambling sites in the country to comply with its country's regulations prohibiting gambling, but because Polymarket is so big it gets the press.

[crwth]

Do some people say it's not gambling? A prediction market is gambling, that's what it is, and it's online gambling.

Almost all countries are seeing prediction markets as gambling sites. In the United States, many states have sused few prediction markets like Kalshi which we know about.

Maybe there should be a legal distinction to be used and be regulated, as is done with gambling. Because skill versus chance is definitely different, but how it's being used is the same.

[yhiaali3]

A new country has been added to the list of countries that prohibit or tighten restrictions on prediction markets. It seems that soon prediction markets will become unwelcome in most countries especially those that use political predictions.

There are many doubts about prediction markets, whether about manipulation, insider trading or considering them gambling. But the biggest danger that governments fear, in my opinion, is the fear of political manipulation because election prediction markets are very sensitive for governments, as they fear that they will turn into a tool for influencing public opinion or a platform for manipulating election results through “artificial predictions”.

[Julien_Olynpic]

If you look at the list of blocked countries on the Polymarket service, you'll see that almost all major countries are blocked, including the US, China, Russia, and so on. Polmarket's lawyers, in turn, prohibit betting for citizens of these countries. But I think most users use VPNs to bypass these blocks. The platform has rather stern disclaimers and warnings about its intelligent VPN detection system, but it appears, contrary to these claims and warnings, that it doesn't work properly. For example, some users in the Russian locale claim to be able to use the service quite successfully through a VPN.

[Fivestar4everMVP]

If you look at the list of blocked countries on the Polymarket service, you'll see that almost all major countries are blocked, including the US, China, Russia, and so on. Polmarket's lawyers, in turn, prohibit betting for citizens of these countries. But I think most users use VPNs to bypass these blocks. The platform has rather stern disclaimers and warnings about its intelligent VPN detection system, but it appears, contrary to these claims and warnings, that it doesn't work properly. For example, some users in the Russian locale claim to be able to use the service quite successfully through a VPN.

Maybe the platform aren't simply ready to start dealing with people who uses vpn to access the site yet, because a platform as big as Polymarket will ensure that whatever feature of the site they treat as important will surely function well no matter how much it will take to build.
One thing I am assuming is that they probably and purposely allowed the flaw, letting users from blocked country access the site through vpn because they are still growing, and imagine that all users accessing the platform from banned countries abruptly stopped showing up, that could mean disaster for the site because there will only be left for them a very few users.

So, they might on purpose, let people access the site through vpn for the time being, maybe as soon as people from supported countries visiting the site outgrows those accessing the site through vpn, they will begin their fight against the use of vpn to access the site.

[Fiatless]

If you look at the list of blocked countries on the Polymarket service, you'll see that almost all major countries are blocked, including the US, China, Russia, and so on. Polmarket's lawyers, in turn, prohibit betting for citizens of these countries. But I think most users use VPNs to bypass these blocks. The platform has rather stern disclaimers and warnings about its intelligent VPN detection system, but it appears, contrary to these claims and warnings, that it doesn't work properly. For example, some users in the Russian locale claim to be able to use the service quite successfully through a VPN.

Polymarket is blocked in the US. Although some states in the country restrict it, federal laws give them the right to operate. It was banned but the platform got federal approval last year to offer its services in the US. Currently, there are proposals from some lawmakers in the US Congress who want Polymarket to be investigated due to the claims of insider trading.

To add to your list Polymarket is blocked in Australia and the Province of Ontario in Canada.

[Lida93]

For countries that don't like gambling and don't support it in the first place, banning prediction markets won't look surprising to me, but for others, I can easily say the type of events that they deploy and make available for betting on in the market contributes highly to how they are being treated, and while there is a push for banning it, especially with the rumors of insider getting involved.

The other day I was talking about this matter of polymarket being a gambling platform no matter how the organisers tries to design it but someone in the forum was debating against it that it's a while different kind of market and not gambling as implied. Now countries have started seeing it that way for what they are. More access blocks would be made by many other countries in time to come and they would eventually go to extinction or underground somehow. The insider manipulation is what mostly makes me dislike it and prefer just doing my sports betting thing where I enjoy it most

[arwin100]

If you look at the list of blocked countries on the Polymarket service, you'll see that almost all major countries are blocked, including the US, China, Russia, and so on. Polmarket's lawyers, in turn, prohibit betting for citizens of these countries. But I think most users use VPNs to bypass these blocks. The platform has rather stern disclaimers and warnings about its intelligent VPN detection system, but it appears, contrary to these claims and warnings, that it doesn't work properly. For example, some users in the Russian locale claim to be able to use the service quite successfully through a VPN.

Polymarket is blocked in the US. Although some states in the country restrict it, federal laws give them the right to operate. It was banned but the platform got federal approval last year to offer its services in the US. Currently, there are proposals from some lawmakers in the US Congress who want Polymarket to be investigated due to the claims of insider trading.

To add to your list Polymarket is blocked in Australia and the Province of Ontario in Canada.

Their situation on US is so complicated, since before US block them. But later on they got clearance from federal regulator to run their business, although there are states which still restrict them.

This is why there's a concern about inside trading that might going to happen and they say they investigate this matter. Also it seems that the blocking numbers is growing since they are been banned with said countries now. This is also shows that each countries treat this prediction market differently.

[Questat]

This is why there's a concern about inside trading that might going to happen and they say they investigate this matter. Also it seems that the blocking numbers is growing since they are been banned with said countries now. This is also shows that each countries treat this prediction market differently.

This would also send a signal that prediction markets are not really as strong of a trend now. Polymarket may have started or popularized it, but some countries are already banning them, so maybe that also tells us something.

Maybe it is still better to stick with sportsbooks and sports betting, because at least those are based on actual games and competition. Of course, there are still rumors that some games can be rigged, but most of the time those are just rumors.

Prediction markets are different, especially when they start offering markets about war or serious world events. That is where it becomes more dangerous because it is no longer just about sports or entertainment, people are already betting on things that can cause real harm.

[xenomorfo]

I think I see some sense in what your saying, prediction markets where good overall but when it got too political then it became a bad thing in the eyes of the politicians since it?s going to expose some of their next moves and some of them are going to give out insider information which could jeopardize some missions. But overall betting is not bad but some events are not supposed to be bet on or gambled about.

I don't know in the beginning maybe it might have been fun to bet on anything, assuming you liked betting on things
these services allow you to bet on any event... then they became politicized and the most total disgust arrived
now we really need to stay away from it

[Hazink]

Look, regarding Polimarket, I don't think they did any harm, at the beginning it was a nice system
then afterwards I'm sure politicians and others infiltrated, betting on the start of the war or kidnapping of presidents knowing everything
understand that this is not good, it's a scam

What you regard as politicians hijacking the system with their inside information is what's regarded as inside trading. Those who have access to secret information, not just politicians, but the officers who are involved, can take the same step, which is against what betting is for you don't need to have more information more than others, rigging in most event that's been bet on in poly market is on the high side.

[Churchillvv]

I think I see some sense in what your saying, prediction markets where good overall but when it got too political then it became a bad thing in the eyes of the politicians since it?s going to expose some of their next moves and some of them are going to give out insider information which could jeopardize some missions. But overall betting is not bad but some events are not supposed to be bet on or gambled about.

I don't know in the beginning maybe it might have been fun to bet on anything, assuming you liked betting on things
these services allow you to bet on any event... then they became politicized and the most total disgust arrived
now we really need to stay away from it

Well I don’t think we need to stay away from it but whatever does not benefit the government that much becomes a threat or whatever that is going to expose what they will do or about I do is bad but in reality it’s not a bad thing to me especially. Even on the Wall Street the insider information is what is used to make billions daily and thats what is happening in polymarket or any of this market that allows betting on this event. Well I’m quiet sure polymarket is the future because if they finally sing up as gambling platform they can operate but with higher limitations.

[JunaidAzizi]

Yeah, the Indian government places the prediction market in the gambling category, and as per their law, online money through gambling is prohibited. They banned the polymarkets in that sense. However, people who are interested will still play through the use of a VPN. So, we will see if the Indian government is serious enough to take care of those who use VPNs for it.
In the world, there is a great fight between unregulated decentralized finance and the sovereignty of the state, as countries want to bring them under their laws. The Indian government is also standing in that position where they feel threatened by decentralization.

[rdluffy]

...
This would also send a signal that prediction markets are not really as strong of a trend now. Polymarket may have started or popularized it, but some countries are already banning them, so maybe that also tells us something.
...

To tell you the truth, at least from what I can tell, prediction markets are the biggest trend in crypto right now, hehe
Precisely because they’re causing so much controversy, bans, accusations of insider trading, and so on
With all that going on, you can see just how influential they’re becoming, and you can check the volume of money

A few days ago, the White House had to issue a directive telling its employees not to get involved in betting related to the Iran conflict, so that’s another sign that they’re causing a stir and are becoming a major force

[nelson4lov]

Most of these countries banning Polymarket are only doing so because Polymarket has taken most of the gamblers from their country away and they don't get any cut out of that volume. Most gamblers switched to polymarket because there are no bookmarker margins (vigs) baked into them which means they can be more profitable long term. If Polymarket or Kalshi gets registered in such countries and pay taxes or remit back to the government of these countries, I'm sure they'll remove any restrictions placed on them
 

[Accardo]

What you regard as politicians hijacking the system with their inside information is what's regarded as inside trading. Those who have access to secret information, not just politicians, but the officers who are involved, can take the same step, which is against what betting is for you don't need to have more information more than others, rigging in most event that's been bet on in poly market is on the high side.

Politicians respond faster to things that affects them directly, this polymarket has indirectly leaked high confidential information to the masses, through the greed of top officers who banked from placing money on things they already knew would happen. Shutting down on the market is a step to stop this from happening in their jurisdiction, but outside India these officials can feed other people of what to do on the market to maximize profits which can be later be shared in percentage.

[sunsilk]

Do some people say it's not gambling? A prediction market is gambling, that's what it is, and it's online gambling.

There's still a lot and even Polymarket and Kalshi I think they rely on what they're being labelled from and that's the prediction market they advertise.

And when it's being searched on google of what a polymarket is. The description is about "shares" that are being traded for these events.

So, there's really a need for their branding to be corrected and just outrightly say that they're a gambling platform.