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Indonesia blocks Polymarket, calling prediction market online gambling in disguise
Key takeaways
- The ministry said it had cut access to the platform and was tracing affiliated social media accounts for possible restrictions across other digital channels.
- Polymarket lets users trade contracts tied to real-world events, including elections, sports, crypto prices and political outcomes.
- Indonesia’s statement did not name Kalshi, a U.S.-regulated prediction market operator, or other platforms but said authorities would restrict similar services that facilitate online gambling.
The ministry said it had cut access to the platform and was tracing affiliated social media accounts for possible restrictions across other digital channels.
Alexander Sabar, director general of digital space supervision, claimed that platforms that allow users to wager money on uncertain outcomes remain gambling products, even when they use blockchain technology or crypto assets.
Polymarket lets users trade contracts tied to real-world events, including elections, sports, crypto prices and political outcomes. The platform has grown into one of the largest crypto prediction markets, but regulators in several jurisdictions have treated parts of the business as gambling rather than financial-market activity.
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