Gambling Regulatory Authority Labels Polymarket As Illegal In Singapore
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Singapore authorities have reported that Polymarket is now listed as an “illegal gambling site” and has been blocked in the country. The Gambling Regulatory Authority (GRA) confirmed that Singaporeans trying to access the crypto-betting platform are now shown a warning notice.
Alex Zuo, Vice President of Investment and Custody at Cobo Global, shared this information on X, explaining that the website is now labeled as a gambling platform.
Singapore Enforces Strict Gambling Rules With Severe Penalties
Zuo said people in Singapore can only gamble with companies that the government allows. If someone breaks this rule, they can get a fine or go to prison.
The GRA said people caught gambling on websites without a license could pay a fine of SGD 10,000 or spend up to six months in jail, or both. Companies offering gambling without permission could get a fine of SGD 500,000 and up to seven years in jail. If these companies break the rules again, the fine goes up to SGD 700,000, with prison time of up to 10 years.
The GRA also said it is illegal to offer gambling services without permission to people in Singapore, even from outside the country. From January 1, 2025, Singapore police can block these websites, stop their ads, and stop payments linked to them. Since 2015, over 3,800 gambling websites and 145,000 payments worth SGD 37 million have been blocked.
The GRA said Singapore Pools is the only gambling service allowed. It lets people bet on lotteries, sports, and horse races but does not have options for political bets, which Polymarket offers.
Polymarket Faces Global Scrutiny Over Gambling Laws
Polymarket is a website where people use cryptocurrency to bet on event results. It works with the Polygon blockchain. The company said it does not let people in the US use it, but data shows over 29% of its users are from the US.
In November, the FBI searched the home of Polymarket’s boss, Shayne Coplan, and took his phone. The US government is checking if the site let Americans bet when it shouldn’t.
Polymarket has had issues in other countries too. In France, it stopped letting people use it after reports said it broke gambling rules.
Singapore leaders said they are working hard to stop illegal gambling. They believe this helps protect people and keep gambling safe.
Polymarket is a prediction market based in Manhattan, New York City, which uses cryptocurrency. It started in 2020 and allows people to bet on future events such as economic data, weather changes, awards, and political or legislative results. Users can deposit USDC cryptocurrency through the Polygon blockchain and trade shares that show the probability of certain outcomes happening.
