Singapore has recently banned Polymarket, a prediction market platform, for allegedly providing illegal gambling products within the city-state.
Polymarket restricted in Singapore over illegal gambling concerns
The country's Gambling Regulatory Authority (GRA) has instructed Internet Service Providers (ISPs) to block access to a website that allows users to bet on event outcomes and gained significant attention during the U.S. Presidential election in November. Polymarket has faced scrutiny in France, ultimately deciding to leave the market due to concerns from the National Gaming Authority, which suspected it of facilitating illegal gambling. In response, Polymarket proactively restricted access for French customers. Meanwhile, in the United States, the Department of Justice and the Federal Bureau of Investigation are probing the company following reports that it handled $3.2 billion during the U.S. Presidential election. In Singapore, Polymarket's shutdown has been less dramatic. Users noticed the platform was blocked when they tried to access it. Instead of reaching the prediction market, users encountered a message stating they had attempted to enter an illegal gambling site operated by an unlicensed provider. The message specified that Singapore Pools is the only licensed online gambling operator in Singapore. Additionally, the notice warned consumers of the potential consequences: a fine of up to $10,000, imprisonment for up to six months, or both. At the time of writing, the ISP block appeared to be effective and implemented by all major providers in the country.
Polymarket still accessible through the Singaporean VPN
Some users have managed to access Polymarket’s website by connecting through Singapore VPNs. They believe these VPNs use smaller ISPs, which may not have blocked the site. This incident marks the latest challenge for Polymarket, which has been under significant pressure. In a notable event, the FBI raided the apartment of its CEO in New York. Despite these difficulties, Polymarket reportedly maintains a user base of nearly 350,000 as of January 2025. Additionally, prediction markets might experience a resurgence with the election of President-elect Donald Trump. His son, Donald Trump Jr., has recently joined Kalshi, a competing prediction market, which might help to normalize this type of business in the United States.
