The Gambling Regulatory Authority deemed the prediction market platform as an “illegal gambling site” operated by an unlicensed provider.
Singapore.- The Gambling Regulatory Authority (GRA) has ordered local internet service providers to restrict access to the prediction market platform Polymarket. The regulator argued the crypto prediction platform is “an illegal gambling site operated by an unlicensed gambling service provider”.
Singapore Pools is the only permitted sports, lottery and horse betting operator in Singapore. Under Section 20(2) of the Gambling Control Act 2022, a person who gambles in Singapore or knows a premise is an unlawful gambling venue can be fined up to SG$10,000 (US$7,450) and imprisoned for up to six months. Under Section 18(3)(a), any person found to be involved in conducting an unlawful betting operation as an operator can face a fine up to SG$500,000 (US$372,500) and imprisonment up to seven years.
Although the GRA has not yet released an official public statement regarding this matter, there have been no enforcement actions against Polymarket listed in the public directory.
Illegal gambling in Singapore: Over 3,800 websites blocked by the MHA
The Ministry of Home Affairs (MHA) blocked more than 3,800 illegal gambling websites in the first eight days of the year.
More than 145,000 illegal gambling transactions involving the Singapore public, amounting to about SGD37m (US$27.0m), had been blocked as of December 31, 2024, as reported by The Straits Times.
Minister of Home Affairs, K. Shanmugam, said during a session in the city-state’s parliament: “These blocking measures have impeded access to illegal online gambling to some extent. However, this approach is clearly not foolproof as illegal operators can easily create new websites, and we do not have the ability to know of every gambling website.”
He further encouraged the public to report to the police illegal websites, apps, advertisements and bank accounts used by illegal gambling operators.
Shanmugam also said that the MHA currently has no intentions to allow families of people with gambling-harm-related issues to ask for the blocking of their bank accounts.
The Gambling Regulatory Authority deemed the prediction market platform as an “illegal gambling site” operated by an unlicensed provider. Singapore.- The Gambling Regulatory Authority (GRA) has ordered local internet service providers to…
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