Global prediction markets, local presence
Winnipeg’s mayoral race has reached a new platform: illegal online betting. Incumbent Scott Gillingham took the lead on U.S.-based Polymarket on Thursday afternoon. Some $15,335 had been invested in his […]
Winnipeg's mayoral race has taken on a new platform: illegal online betting. This platform, illegal in Canada, has seen $15,335 invested in incumbent Scott Gillingham's win on U.S.-based prediction markets Polymarket and Kalshi. Gillingham leads in both markets, with 54% of bettors backing his victory. Kevin Klein, Mazher Alam, and Don Woodstock round out the top three in both markets.
Despite being banned in Canada, these prediction markets have grown in popularity and controversy. The Canadian Investment Regulatory Organization has approved two vendors' platforms, but Polymarket is not authorized to offer event contracts in Canada. Canadians can bypass geo-blocks to access these markets, but doing so may be considered circumventing restrictions.
The Canadian Securities Commission and the Liquor, Gaming and Cannabis Authority of Manitoba have limited resources to enforce regulations on these platforms, making it difficult to prevent potential corruption.
Written by urgent.news from Winnipeg Free Press's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
