Singapore Blocks Polymarket for Illegal Gambling
Singapore has blocked access to prediction platform Polymarket as the country tightens its grip on unlicensed gambling sites.
On January 12, the website of prediction market platform Polymarket was suddenly blocked in Singapore, with a notice from the Singapore Gaming Regulatory Authority (GRA) confirming that it is an illegal gambling activity, appearing as soon as users attempt to access it.
Specifically, when accessing Polymarket's website, users will receive a warning from the GRA citing Section 20 of the Gambling Control Act 2022, which states that Singapore Pools is the only provider licensed to operate online gambling services in Singapore. The notice states:
"You have attempted to access an illegal gambling website operated by an unlicensed provider. Singapore Pools is the only licensed online gambling provider in Singapore."
The Act also states that individuals who engage in gambling activities with unlicensed providers may face a fine of up to SGD10,000 (about US$7,300), a maximum jail term of six months, or both.
For those who organise illegal gambling, the penalties are even more severe, with a fine of up to SGD500,000 (about US$365,000) and a maximum jail term of seven years. In the case of a repeat offence, the fine can increase to SGD700,000 and a jail term of up to ten years.
According to the Singapore Gambling Authority, the island nation has restricted more than 3,800 illegal gambling websites and successfully prevented more than 145,000 illegal transactions with a total value of up to SGD 37 million (USD 2.7 million) since 2015.
More than 145,000 illegal gambling transactions in Singapore were prevented
More than 3,800 illegal gambling websites were restricted
As for Polymarket, this prediction platform is constantly facing legal barriers from many countries after becoming popular in the 2024 US Presidential election:
In the United States, Polymarket is being investigated by the US Federal Bureau of Investigation (FBI) for the possibility of influencing the 2024 Presidential election. At the same time, the cryptocurrency exchange Coinbase has also announced that it will provide information to the US government to support this investigation.
In France, Polymarket was forced to restrict access in November 2024 after being investigated by the authorities because an investor named "Théo" won a bet of up to $80 million by correctly predicting Trump's re-election as US President.
In Taiwan, Polymarket was also banned in August 2024. Notably, a user there was prosecuted for betting about $530 on political elections.
Despite facing strict controls from regulatory agencies, Polymarket has proven to be very attractive. Since the beginning of January 2025, the platform has recorded a trading volume of over $460 million, most of which is focused on the sports sector. Typical examples include predictions on the winner of the 2025 Super Bowl with over $17 million in transactions and over $27 million spent on predicting the 2024-2025 Premier League champion.
