Polymarket Faces Global Crackdown: Thailand Proposes Ban Amid Rising Concerns Over Illegal Online Gambling
Bangkok, Thailand — Thailand’s Cyber Crime Investigation Bureau announced on Tuesday that it plans to propose a ban on Polymarket, a decentralized online prediction marketplace, citing concerns over illegal online gambling facilitated through cryptocurrency. The authorities indicated that the platform’s operations are in violation of Thai gambling laws, which prohibit such activities.
During a press briefing on Tuesday, Trairong Phiwpaen, commander of the Technology Crime Suppression Division (TCSD), emphasized the urgency of suspending Polymarket. He outlined that the platform poses significant “economic and social risks” and highlighted the need for protective measures to safeguard citizens from potential exploitation related to gambling and cryptocurrency misuse.
Although officials have not specified a timeline for the proposed shutdown, they are prioritizing swift action as part of their ongoing efforts to combat illegal online gambling in the country.
Thailand is not isolated in its crackdown on Polymarket. On January 12, Singapore blocked access to the platform, categorizing it as an “illegal gambling site” under the Gambling Control Act 2022. Furthermore, Taiwan took action earlier this year, banning Polymarket and prosecuting individuals for placing bets, including one user reported to have wagered $530 on election outcomes.
The scrutiny of Polymarket is not limited to Asia. In November 2024, the platform voluntarily withdrew from France amid investigations concerning its compliance with local gambling laws. Additionally, in 2022, the Commodity Futures Trading Commission (CFTC) in the United States fined Polymarket $1.4 million for regulatory violations and restricted access to U.S.-based users.
Polymarket’s Rise Amid Regulatory Challenges
Launched in 2020, Polymarket has rapidly gained popularity as a platform that allows users to place bets on various global events. The platform became especially prominent during the 2024 U.S. Presidential election, where it gained recognition as a potential alternative to traditional polling methods. Major media outlets reported on its betting trends, using it as a barometer of public sentiment leading up to the election.
During the election cycle, Polymarket recorded an impressive $3.6 billion in trading volume, with much of the activity centered around the U.S. presidential race. Despite the platform’s popularity, the experiences of its users varied significantly. Approximately 86% of accounts reported a negative profit and loss margin, indicating that most users failed to achieve profitable outcomes. While a minority of users made substantial profits, about 1% of bettors realized gains exceeding $1,000.
Despite facing multiple international bans, Polymarket continues to thrive. According to recent data from DappRadar, the platform reported over $991.93 million in trading volume in the past 30 days, showcasing its resilience in the face of regulatory challenges.
As Thai authorities move forward with their proposal, the future of Polymarket hangs in the balance, reflecting broader global concerns about online gambling and cryptocurrency use.