Singapore bans online prediction site Polymarket
As of this month, Polymarket betting is considered illegal by the Gaming Regulatory Authority (GRA) of Singapore.
Polymarket is a blockchain-based prediction trading platform that allows users to follow real-world events, ranging from politics to sports, and trade on their outcomes. Using it in Singapore now carries a fine of up to S$10,000 and six months imprisonment.
Singapore is not the first country to ban Polymarket. Other jurisdictions that have banned the platform include US states, France, and Taiwan.
This ban comes after several recent measures taken by the Singapore government against unlicensed online gambling services. By the end of 2024, Singapore had blocked over 3,800 illegal websites and prevented S$37 million in transactions. Meanwhile, Singapore Pools has become Singapore’s sole authorized online gambling provider. The country’s gambling regulations and amendments to the Casino Control Act have also been modernized.
The amendment included cashless gaming, which was announced in September and would be allowed at the country’s two casinos, Resorts World Sentosa and Marina Bay Sands. According to Sun Xueling, the Minister of State for Home Affairs and Minister for Social and Family Development, this does not include cryptocurrency transactions.
The Ministry of Home Affairs has also been given the power to approve casino operators’ principal shareholders. This ensures continued alignment between integrated resorts and the government’s strategic objectives.
