Chiara Bianchi
Singapore has added Polymarket, a popular prediction market platform, to its list of restricted sites, aligning with similar actions taken by jurisdictions such as the United States, France, and Taiwan.
On January 12, Singaporean users began encountering access issues with Polymarket. Screenshots shared on social media platform X displayed a warning issued by Singapore’s Gaming Regulatory Authority (GRA). The notice classified Polymarket as an illegal platform, cautioning that violators could face penalties including a $10,000 fine, up to six months imprisonment, or both.
The GRA emphasized that residents seeking to place online bets are required to use Singapore Pools, the nation’s sole licensed online gambling operator.
Singapore’s move to restrict Polymarket comes amid an extensive campaign targeting illegal online betting services. As of December 31, 2024, authorities have reportedly shut down over 3,800 websites and blocked $37 million worth of transactions, according to the country’s Home Affairs Minister. Neither Polymarket nor the GRA has issued comments regarding the recent ban.
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Polymarket Under Global Scrutiny
Polymarket has faced increased regulatory pressure in multiple regions, particularly following its surge in popularity during the 2024 U.S. presidential election.
In Taiwan, authorities restricted access to the platform in 2024 and pursued legal action against a user who placed approximately $530 worth of bets on political events, reported the Liberty Times. Similar bans have been enforced in France and the United States. Additionally, Polymarket’s terms of service explicitly prohibit users from countries such as Bolivia, Venezuela, and Iran.
Singapore’s decision reflects an ongoing global trend to regulate or ban unlicensed platforms as governments seek to maintain control over online betting activities.
