- Australia’s media watchdog, the Australian Communications and Media Authority (ACMA), has asked internet service providers to block access to blockchain-based prediction market, Polymarket.
- The request comes after an ACMA investigation found Polymarket was offering gambling services to Australians without an appropriate license.
- The move sees Australia join other countries, including Singapore, France and Switzerland in banning the platform.
Aussie internet service providers (ISPs) will soon block access to blockchain-based ‘prediction market’, Polymarket, after Australia’s media watchdog, the Australian Communications and Media Authority (ACMA), requested they do so on Wednesday.
The move comes after an ACMA investigation found Polymarket was in breach of Australia’s Interactive Gambling Act (2001). Under Australian law, ISPs are obliged to act on ACMA’s requests and block access to websites the watchdog has found to be in breach of the Act.
In addition to Polymarket, ACMA has also cracked down on gambling sites Slot Mafia, Top Aussie Pokies and Spinaga. This latest action brings the number of illegal online gambling sites blocked by ACMA to almost 1300.
“Website blocking is one of a range of enforcement options to protect Australians against illegal online gambling,” ACMA said.
The regulator encouraged Aussie online-gambling enthusiasts to be careful and check that wagering sites were licensed to operate in Australia via its register.
…even if a service looks legitimate, it’s unlikely to have important customer protections. This means Australians who use illegal gambling services risk losing their money.
ACMA
ACMA’s interest in Polymarket began during last year’s Australian federal election when it became aware that the ‘prediction market’ was actively courting Australian users by offering and promoting markets based on the outcome of the election — despite not being licensed to offer gambling services in Australia.
Polymarket is also banned in several other countries including Singapore, France, Switzerland and Belgium.
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US Polymarket Investigations Closed Without Further Action
According to a report from CBNC, two probes into Polymarket by US regulators — one civil, conducted by the Commodity Futures Trading Commission (CFTC) and one criminal, run by the Department of Justice — were abruptly closed last month with no charges being laid.
“Polymarket has received declination notices from the U.S. Justice Department and Commodity Futures Trading Commission related to investigations into the company,” an anonymous source told CNBC.
Polymarket was under investigation for allegedly accepting bets from US residents — something it had promised regulators it would not do in early 2022. Polymarket made these promises after it was fined US$1.4 million (AU$2.1m) by the CFTC for failing to register as a facility for event-based binary options — essentially for offering gambling services without a license.
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In May, the CFTC decided to drop an appeal against a ruling allowing Kalshi (another blockchain-based prediction market) to accept bets on the outcomes of US elections.
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