Does your country have a version of prediction market, or is one coming up?

[Iranus]

The prediction market is such a hot topic, and some big players like Draftking is coming in to have a share of the market. How about a local version of a prediction market?

If PAGCOR deems this to be unauthorized gambling then it is outright illegal. And if SEC does not recognize it as security then it cannot possibly be registered as an exchange in your country.
Besides, 80% of global trading volume on Polymarket or Kalshi comes from election related betting. So, if local platform in Philippines list political event or election then they could immediately face strict law of Commission on Elections. As far as I know, they have completely banned betting on election.
Another thing is debts arising from local, unlicensed gambling are legally void. If any issues arise regarding event result or if payout are withheld on local site then users will have no legal protection.

[alegotardo]

The prediction market is such a hot topic, and some big players like Draftking is coming in to have a share of the market. How about a local version of a prediction market? Do you already have one, and how did your regulator classify it?

Brazil has take a step backwards... Until a few months ago, online casinos were allowed, now even that is no longer possible.

So the prediction market will certainly not find room here, even though they still have not been clearly classified under a specific regulatory framework... whether it is a financial derivative, a betting service or something completely different.

Anyway, we had presidential elections just a few days ago and unfortunately the president managed to get re elected, so I think the Brazilian government is unlikely to "take a more permissive path".

[el che]

The prediction market is such a hot topic, and some big players like Draftking is coming in to have a share of the market. How about a local version of a prediction market? Do you already have one, and how did your regulator classify it?

...

We don't have a legal local prediction market here in Argentina because the system is stuck in a battle between provincial boards and financial regulators, also there is nationwide ISP blocks against Polymarket for running as an unlicensed casino. Because of this legal mess, local startups can't launch, so Argentines use Polymarket through VPNs and Web3 wallets. Those who just want sports or general betting stick to offshore crypto sites to dodge the regulatory hassle.