Singapore’s gambling regulator blocked access to Polymarket, a predictions market, considering it online gambling under their law.
Singapore Cracks Down: Polymarket Blocked Amidst Global Scrutiny of Unlicensed Gambling Platforms
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Offenders Face Stiff Fines or Jail Time
Singapore’s Gambling Regulatory Authority (GRA) has reportedly blocked access to Polymarket, a predictions market, as part of a broader crackdown on unlicensed gambling service providers. Under Singaporean law, predictions markets like Polymarket are considered online gambling websites.
According to Alex Zuo, vice president of investment and custody at Cobo Global, users can only place bets with Singapore Pools, a state-owned gambling website. This development comes weeks after Polymarket rose to global fame for correctly predicting Donald Trump as the winner of the U.S. presidential race.
The increased scrutiny led regulators, including the French regulator National Gaming Authority, to block Polymarket. At the time, the French regulator was examining Polymarket’s operations and compliance with French gambling laws, according to Bitcoin.com News.
Zuo meanwhile shared a screenshot on Jan. 12 explaining why access to Polymarket is being blocked.
“Under Section 20 of the Gambling Control Act 2022, a person convicted of gambling with unlicensed gambling service providers is liable for a fine of up to $10,000, or a jail term of up to 6 months or both,” a statement attributed to the GRA said.
Responsible Gambling Practices
By expanding the definitions of “gambling” and “betting,” this section of the Gambling Act ensures that a wide array of gambling formats are governed under a unified regulatory approach. This, in turn, enhances oversight and promotes responsible gambling practices across the sector.
Besides imposing harsher penalties for illegal gambling, the law criminalizes proxy gambling, addressing practices that undermine regulatory efforts. The law also introduced enhanced advertising regulations to close loopholes enabling the unlawful promotion of gambling services.
However, some critics believe stricter controls on gambling, both in private and public settings, encroach on individual freedoms. Meanwhile, the Singaporean regulator’s statement directs residents experiencing gambling-related issues to reach out to the National Council on Problem Gambling.
