Korea moves to block Polymarket over illegal gambling
The Korea Media and Communications Standards Commission has ordered domestic internet service providers to block access to Polymarket, an overseas prediction market platform, after determining that the service promotes gambling. The commission’s telecommunications review subcommittee made the decision at a meeting Tuesday, concluding that Polymarket contains information intended to facilitate…
The Korea Media and Communications Standards Commission has mandated internet service providers to block access to Polymarket, an overseas prediction market platform, due to concerns that it promotes gambling. This decision was reached after a review by the commission's telecommunications subcommittee on Tuesday. The subcommittee determined that Polymarket presents information that facilitates gambling or establishes a venue for gambling under the Criminal Act.
Additionally, the platform offers information that could encourage activities akin to sports betting under the National Sports Promotion Act. The regulator explained that Polymarket's winner-take-all format fosters gambling behavior, as users may experience substantial variations in financial outcomes based on results beyond their control.
Polymarket permits users to trade contracts centered around various subjects such as politics, the economy, international relations, sports, elections, and weather. The commission highlighted domestic issues as examples, including a contract on Seoul's rainfall in August, as proof that the platform contributes to gambling activities.
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- Korea moves to block Polymarket over illegal gambling koreatimes.co.kr
