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 directed domestic internet service providers to prohibit access to Polymarket, an overseas prediction market platform, due to concerns over its potential promotion of gambling activities. During a meeting on Tuesday, the commission’s telecommunications review subcommittee reached this decision, citing the platform's content as promoting gambling or providing a venue for gambling under the Criminal Act.
Furthermore, the regulator determined that Polymarket offers information that could facilitate activities akin to sports betting under the National Sports Promotion Act. The platform's winner-take-all structure, according to the regulator, fosters gambling behavior as users may experience significant financial variations based on outcomes beyond their control.
Polymarket enables users to trade contracts related to diverse subjects, including politics, the economy, international relations, sports, elections, and weather. The commission provided examples of domestic-focused markets, such as a contract regarding Seoul’s rainfall in August, as evidence to support their decision.
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- Korea moves to block Polymarket over illegal gambling koreatimes.co.kr
