SBC News Singapore defines Polymarket as an illegal gambling site
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Singapore defines Polymarket as an illegal gambling site

As part of Singapore’s crackdown on unlicensed gambling platforms, the country has blocked access to crypto-based prediction firm, Polymarket.

On 12 January, multiple users reported that they were unable to access Polymarket in Singapore, and those who do use it risk an SGD 10,000 penalty, six months in jail, or both.

This is because the country only permits gambling through a state-owned entity. Polymarket has been described as quite a controversial platform after having been under scrutiny for its handling of US election-related betting.

Investment and Custody VP at Cobo Global, Alex Zuo, posted on X: “Polymarket is officially defined as a gambling website in Singapore. If you want to place a bet, you can only go to a state-owned gambling company. Otherwise, you will face fines and imprisonment.”

Moreover, unlicensed gambling operators themselves receive a penalty of SGD 500,000, along with imprisonment of up to seven years, while repeat offenders face a steeper penalty of SGD 700,000 with prison time of up to 10 years, the GRA outlines.

The authority clarified: “It is unlawful for any person to provide unlicensed remote gambling services in or from Singapore, or from outside Singapore to persons situated in Singapore.”

As of the start of the year, Singapore authorised its police force to block access to “unlawful remote gambling services, the advertising of such services, and payment transactions”.

Taiwan was the first country to block its nationals from using Polymarket, and local law enforcement arrested 17 people on the island for betting on its most recent presidential election.

Local Taiwanese election law specifically prohibits betting on the outcome of elections.

Similarly in France, Polymarket has also been the target of gaming authorities and the country has blocked all access to it.

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