South Korea's National Police Agency is investigating domestic users of Polymarket under charges of illegal gambling, according to local news reports.
ChosunBiz reported Friday that the Gangwon Provincial Police Agency has launched an investigation into nationwide Polymarket traders, marking South Korea's first-ever probe into local users of the prediction market platform.
Currently, local law prohibits South Koreans from placing sports bets outside Sports Toto, the single authorized website operated by the Korea Sports Promotion Foundation (KSPO), which strictly caps individual bets at 100,000 won ($65). Domestic users of Polymarket could therefore be subject to a fine of up to 10 million Korean won ($6,495), the report added.
The reported investigation followed a few days after South Korea's local elections on June 3, which spawned multiple sizable bets — ones predicting the outcome for the Seoul mayoral election drew in over $52 million.
Last month, it was reported that the Korea Communications Standards Commission, the country's media watchdog, is reviewing whether Polymarket's services constitute illegal gambling after receiving a complaint regarding its event contracts.
Under similar concerns, Indonesian authorities recently blocked local access to Polymarket as part of a wider crackdown on online betting. The platform is also blocked in India.
Meanwhile, Bloomberg reported last month that Polymarket has hired a representative in Japan to offer prediction markets in the country, despite currently being restricted in the country.
Since launching in 2020, Polymarket has risen to prominence in recent years by allowing users to place crypto-based bets on major political, social, and sports outcomes. According to The Block's data dashboard, Polymarket and Polymarket U.S. have generated a combined cumulative volume of $88.6 billion as of June 5.
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