Singapore Restricts Access to Polymarket

Singapore has joined the ranks of international jurisdictions restricting access to the prediction marketplace Polymarket, following similar actions by the U.S., France, Taiwan, and others.

Access Issues

Singaporean users reported difficulties accessing Polymarket starting on January 12. Screenshots shared on X revealed a notice from the Gaming Regulatory Authority (GRA), warning users that Polymarket operates illegally in the country. Violators could face penalties of up to $10,000 in fines, six months in prison, or both.

Online Betting Regulations

According to the notice, Singapore residents who want to gamble online are required to use Singapore Pools, a state-owned lottery entity which is the only licensed online gambling provider in Singapore.

Crackdown on Unlicensed Gambling

This restriction coincides with a national initiative targeting unlicensed online gambling providers, resulting in the shutdown of over 3,800 websites and blocking transactions worth $37 million as of December 31 last year, as reported by Singapore’s Home Affairs Minister. Both the GRA and Polymarket did not immediately respond to inquiries.

Global Scrutiny of Polymarket

Polymarket’s rising popularity, particularly during the 2024 presidential election, has attracted scrutiny from other jurisdictions. In 2024, Taiwan restricted access and prosecuted an individual for placing approximately $530 in political bets through the site, according to the Liberty Times. Other countries, including France and the U.S., have also banned Polymarket, and its terms of service specifically exclude users from countries such as Bolivia, Venezuela, and Iran.