Singapore Cracks Down: Polymarket Blocked Amidst Global Scrutiny of Unlicensed Gambling Platforms

Singapore Cracks Down: Polymarket Blocked Amidst Global Scrutiny of Unlicensed Gambling Platforms

Singapore’s Gambling Regulatory Authority (GRA) has blocked access to Polymarket, a predictions market, as part of a broader effort to curb unlicensed gambling service providers. The GRA classifies predictions markets like Polymarket as online gambling platforms under Singaporean law.

Offenders Face Stiff Fines or Jail Time

Users in Singapore are legally permitted to place bets only with state-authorized entities like Singapore Pools. According to Alex Zuo, vice president of investment and custody at Cobo Global, this action underscores the government’s strict stance on unlicensed gambling.

Polymarket recently gained attention for its accurate prediction of Donald Trump’s victory in the U.S. presidential race. However, this rise to fame has also attracted regulatory scrutiny. The French National Gaming Authority recently blocked Polymarket while investigating its compliance with local gambling laws.

On January 12, Alex Zuo shared a screenshot revealing why access to Polymarket was restricted.

“Under Section 20 of the Gambling Control Act 2022, a person convicted of gambling with unlicensed service providers is liable for a fine of up to $10,000, a jail term of up to 6 months, or both,” the GRA’s statement noted.

Responsible Gambling Practices

The Gambling Control Act 2022 expands the definitions of “gambling” and “betting,” creating a unified regulatory framework to address a variety of gambling formats. This approach strengthens oversight and promotes responsible gambling practices.

The Act also introduces harsher penalties for illegal gambling and criminalizes proxy gambling, closing loopholes that previously undermined regulatory efforts. Enhanced advertising regulations have been implemented to restrict the promotion of unlawful gambling services.

Critics, however, argue that such stringent controls infringe on personal freedoms. In response, the GRA encourages residents dealing with gambling-related issues to seek support from the National Council on Problem Gambling.

This regulatory crackdown highlights Singapore’s commitment to creating a safer gambling environment while balancing individual rights with societal responsibilities.