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.

[AHOYBRAUSE]

Nah, no chance in Japan. Recently they are going harder against any gambling websites. Most sites I used frequently this year are now blocked when I try to open them. The only option is a VPN. So when they are cracking down more and more against online gambling I don't see any chance they will create their own version of any form of prediction market website. I mean I get it, it's all gambling and it's kind of strictly forbidden in here. Funny enough they allow horse/boat/bike racing tracks where you can go and place bets, and then of course also the most silly game, Pachinko which is operating in a kind of grey zone. Other than that there is nothing official here, only underground games you could find.

[Mrbluntzy]

My country has 5 five  different local prediction market, I didn't know until this year but what I understand is that some of the company were not formally offering prediction market but they just recently start offering it probably because of how there have been a boom in prediction market. I have not used any of those company and won't want to mention their name since I am not doing ads for them. My country does not regulate this companies as a traditional financial market for investment but rather they classified it as a gaming activity company. If gambling is actually legal in your country, they should allow those prediction market to launch.

[rachael9385]

I don't know if these will launch because of the strict regulations in our country, but there's money to be made for our government in taxes and revenues.

Regulation is the biggest challenge if most countries decided to create their own local prediction market, meanwhile if predictions markets are active, if there will be opportunities and the events will only be based on its local country, for example there's a prediction market in Nigeria, the upcoming election even will be there and many other upcoming events and activities too.

In Nigeria, there's are some prediction market that I know, which are:
1, https://batiwi.com

2, https://www.bayse.markets

3, https://nigeriaprediction.com

4, https://www.moyrad.com

I have not used any of these, but I believe few of them have a lot of top events to bet on.