[NEWS]South Korea Opened a Review on Polymarket Over Illegal Gambling Concerns

[fortunecrypto]

The list of countries banning prediction markets like Polymarket is increasing. I wonder if they'll ever register as a gambling platform at some point if more countries ban them for violating the gambling laws in those countries.

There's a possibility that they will, so they can continue their operations; they are losing territories, and they have to recapture them by being compliant. They have to keep the money flowing in.
If Polymarket registers itself as a gambling platform, other platforms similar to or inspired by Polymarket will follow, so yeah if you can't beat 'em join them, that's how profit driven platform works.

[Z-tight]

I believe at the end of this review, Polymarket would be restricted access in South Korea, simply because what they offer is gambling, even though they want everyone to believe it is not. South Korea has very strict laws regarding gambling in their country and i expect them to follow in the footprints of other countries that have banned Polymarket in their jurisdiction, i.e. France, Italy, etc.

[7juju]

Whatever you put your money and pick an option to either work for or against you is gambling. What is prediction and what is gambling? I see both as the same thing. In gambling you make a pick and place money, same thing happen with prediction market. They are gambling with just a different name.

[Dr.Bitcoin_Strange]

This was just what I was saying yesterday that the list has been increasing, despite that fact that some citizens in those countries are going to use VPN to still access the market after it has been banned in their country, I believe this is going to reduce the profit margin of the company since it's not freely used by a lot of people in most countries. I guess they are seeing what is happening and they also have plans, it's possible they could launch a casino, if at all they have not done so yet.

[Lucius]

If PolyM allows users to use VPN/Tor then I don't see what the use of an official ban is if we add to that that users can use cryptocurrencies? The official position of a country may be that it prohibits something, but that does not prevent such services from providing their services globally.

[acroman08]

If PolyM allows users to use VPN/Tor then I don't see what the use of an official ban is if we add to that that users can use cryptocurrencies?

When I read their terms and conditions about the restricted countries in the past, I remember seeing that they do not allow the use of VPN or other tools that hide your IP. Basically, they don't allow the use of any tools that let you bypass geo restrictions.

The official position of a country may be that it prohibits something, but that does not prevent such services from providing their services globally.

True, but it could discourage people from using the platform because it is banned in their country.

[Hispo]

If PolyM allows users to use VPN/Tor then I don't see what the use of an official ban is if we add to that that users can use cryptocurrencies? The official position of a country may be that it prohibits something, but that does not prevent such services from providing their services globally.

Correct. People who still wanted to get into Polymarket and other similar services from south korea could continue to do so thanks to the use of VPN and other tools which are supposed to bypass government blockages on webpages. But whether it continues to be accessible or not polymarket being declared an illegal service in Korea could bring a precendent which at the same time may open the chances of korean citizens to be held accountable if they are found to be using polymarket from their personal computers.

it only takes the government of south korea to successfully prosecute, fine or jail a few people who continued to gamble on polymarket, for the rest of gamblers to take note of the risk and completely stop from participating as well.

I would not be surprised if Polymarket also got banned from the United states in the future if the next American Administration happens to be democrat, so far USA allows and continues to shrugs off accusations against polymarket because the trump administration may be profiting on insider information themselves.

[Perfectbaby]

This is one thing that will always affect poly market because they do not accept that they are gambling site and this has also made them not to acquire an operational license which could to be operating in those country that seems to restrict them from gain access to those countries because they don’t see it as a gambling site. After this, I know that other countries could actually find a way to ban them or restrict them as well.
Nowadays market is facing a very difficult time because of the failure to accept that poly market is a gambling platform.

[robelneo]

I am guessing that if they found Polymarket does promote gambling, they will ban the prediction in their country, just like how other countries have banned Polymarket after being labelled as a gambling platform.

The initiatives come from countries that investigated and labeled Polymarket as a gambling platform, which was a hint to do their own investigations and compare them with others.
I think it's 90% likely they'll ban Polymarket unless they view it differently than in other jurisdictions. If they decide to contradict, Polymarket can use that decision to strengthen its position, but I doubt the outcome will be in its favor.

[yhiaali3]

Prediction markets have seen tremendous growth in the past period, and this seems to worry governments because they carry a high-risk rating and are full of manipulation and internal corruption. Therefore, they will either be subjected to strict regulatory conditions or they will be banned.

I think you are confusing one thing for another.
The insider trading on prediction markets is not internal corruption.
The insider trading are coming from people like government officials that know about an event before it happens, it is not coming form the officials of the prediction market.

I understand your point of view completely. You are right in what you say, but I don't think I am confusing two things. Yes it is true that trading based on inside information does not come from the officials of the forecasting platforms themselves, but it remains part of the problem because in the end it is manipulation even if it is external.

Another hypothesis is that there is collusion between a government official who possesses confidential information and an employee within a forecasting platform, where they can cooperate. Here we are not just talking about “inside trading” but about organized market manipulation.

[AmoreJaz]

This is one thing that will always affect poly market because they do not accept that they are gambling site and this has also made them not to acquire an operational license which could to be operating in those country that seems to restrict them from gain access to those countries because they don’t see it as a gambling site. After this, I know that other countries could actually find a way to ban them or restrict them as well.
Nowadays market is facing a very difficult time because of the failure to accept that poly market is a gambling platform.

I don't understand why they won't accept them as gambling site, where, it is clearly a gambling site also, just a different type. Maybe, they need to review the meaning of gambling and see where they are at. That is why, they need to secure a gambling license as well. If they won't do that, they will be banned by those countries which are strict in gambling.

[Churchillvv]

I guess is time to go place a bet on polymarket if they are getting ban in South Korea or not 

It’s really going to be fun and I imagine a large number of people placing such bet too, joking thou!!

But I still don’t understand the reason why it’s becoming a tensed situation for polymarket, they are gambling company in a trade market format or maybe the new gambling we will see today but however, seem like they do not want to accept that about themselves but still practice it which is why they are getting this ban but isn’t it just wise to include gambling as part of it?. 

[Orpichukwu]

Ban or legalize it as a gambling platform? I think these countries just simply want that for polymarket or other prediction markets to do but instead of complying afaik they are really emphasizing that they are not. Are they just avoiding tax same to what they're doing with the CFTC?

Tax can't be the only problem here; if they are making profit from the business they are running, they should also be willing to pay tax. If they say they don't make profit, then they should run a free type of prediction where no real money is used to stake, and however the winnings are rewarded might be up to the places since the market appears to be only like the dealer on a blackjack table.

[ryzaadit]

More country are banned Polymarket.

My country "Indonesia" are also recently Ban Polymarket due contains a gambling activity and uknown speculaton. So, they ban Polymarket right now...... I guess these is a big concern for speculation gambling activity like Polymarket.

The law it self are still big confused.

[Lucius]

If PolyM allows users to use VPN/Tor then I don't see what the use of an official ban is if we add to that that users can use cryptocurrencies?

When I read their terms and conditions about the restricted countries in the past, I remember seeing that they do not allow the use of VPN or other tools that hide your IP. Basically, they don't allow the use of any tools that let you bypass geo restrictions.

I tried accessing the site with Tor and VPN and was able to do so without any problems, so this notice may only be for informational purposes and is not implemented in practice.

The official position of a country may be that it prohibits something, but that does not prevent such services from providing their services globally.

True, but it could discourage people from using the platform because it is banned in their country.

It is true, most people will do what the government suggests simply because they are afraid to break even the smallest rule. Those who want to circumvent such bans will always find a way as long as the internet exists.

[Porfirii]

-snip-

The list of countries banning prediction markets like Polymarket is increasing. I wonder if they'll ever register as a gambling platform at some point if more countries ban them for violating the gambling laws in those countries.
-snip-

Indeed, yesterday we were talking about India banning Polymarket in this other topic, and now I see that South Korea joins the trend. Who know, when Bitcoin began to become popular, it also suffered from this kind of bans, but in the case of prediction market I agree that there should be a minimum control to prevent them from becoming a tool for the self-interested manipulation of events of great repercussion for humanity.

[coinrifft]

Ban or legalize it as a gambling platform? I think these countries just simply want that for polymarket or other prediction markets to do but instead of complying afaik they are really emphasizing that they are not. Are they just avoiding tax same to what they're doing with the CFTC?

Tax can't be the only problem here; if they are making profit from the business they are running, they should also be willing to pay tax. If they say they don't make profit, then they should run a free type of prediction where no real money is used to stake, and however the winnings are rewarded might be up to the places since the market appears to be only like the dealer on a blackjack table.

I doubt that they are not making any profits, because if they did then they are going to fail and won't run this. The operational cost of maintaining their website is for sure very high as they have to hire people to look at the sites 24x7.

So that could be just a smoke screen for them but it authorities are going to look deeper, then they will find out who are the people behind Polymarket and how much money they are raking like just by every month and I see it as huge money making machine for them.

[KiaKia]

Prediction markets like polymarket shouldn't have existed in the first place, it's really concerning but many people don't care, it's not bad that countries will keep banning such things it's unhealthy.

It's won't just be polymarket, every prediction market that works in same way as polymarket will be affected too, it's so unhealthy to place bet on somethings like war for example, it can't be, it can't be that I am the only once that have his stomach turned with these platforms.

Some people are enjoying it so far but I can't, I've tried prediction markets and I've come across some bets that make my stomach turned, I don't want to feel that again, I am better with the normal gambling that I am used to.

[noorman0]

I forgot that gambling is prohibited in South Korea.
Besides, I'm surprised they have such a narrow category for gambling. We've been discussing prediction markets on the gambling (and sub) boards. As I understand it, Polymarket is a free-form betting market and can list any betting topic as long as it has a speculative aspect.

[Alpha Marine]

In the end, prediction markets are just going to agree that they are gambling sites because that is what they are. They won't continue to bend the rules with technicalities forever.  It's beneficial for them not to be regarded as gambling sites, but gambling is all they offer.
More countries would begin to close those loopholes soon, and for the companies to continue, they would need to get their gambling license

I don't mind it,, actually. I only care about how easy it is to exploit. When something is very easy to exploit like this, it favours only the few who have the insider information while others lose money. It doesn't seem fair. And the fact that it is advertised as an investmnet platform when it's clearly not. If there was a way to bet on only things nobody knew then I'll be cool with it, but betting on information that some people already know seems rigged.