Investigation Launched into Polymarket’s Illegal Operations in Australia
Illegal betting website Polymarket is currently under investigation by Australia’s online media regulator for its questionable practices. The company has recently come under scrutiny for engaging in unethical behavior by paying local creators to promote its platform during the federal election.
Background on Polymarket
Polymarket is an American betting company that offers users the ability to gamble on “prediction markets” using cryptocurrency. The platform covers a wide range of markets, from sports matches to elections, making it a popular choice for those looking to wager on various events. Polymarket gained significant attention leading up to the 2024 US presidential election, with influential figures like Elon Musk endorsing the platform’s odds as a reliable source of election information.
Expansion to Australian Market
Despite its operations being illegal in Australia, Polymarket also provided betting markets for the 2025 Australian federal election. This move raised concerns about the company’s compliance with local regulations and its impact on the Australian gambling landscape.
ACMA Investigation
Last month, Crikey reported on Polymarket’s questionable marketing tactics, revealing that the platform was paying Australian Instagram and TikTok creators to promote its services using odds from the website. Following these reports, the Australian Communication and Media Authority (ACMA) expressed interest in investigating the matter.
A spokesperson for ACMA has since confirmed that an official probe has been initiated into Polymarket’s activities. The regulator is looking into the provision and advertising of the Polymarket service to determine if any breaches of Australian regulations have occurred.
While ACMA refrains from commenting on ongoing investigations, they do make the outcomes of their probes public on their website, indicating transparency in their regulatory actions.
International Restrictions
It’s worth noting that Polymarket is banned in several countries, including France, Belgium, and Switzerland, due to regulatory concerns and compliance issues. The platform’s expansion into markets where it is not legally permitted raises questions about its commitment to operating within the boundaries of the law.
Accessibility in Australia
Despite being prohibited in Australia, Crikey was able to access Polymarket, create an account, and deposit cryptocurrency, highlighting potential loopholes in the enforcement of gambling laws in the country.
Conclusion
The investigation into Polymarket by ACMA sheds light on the challenges posed by illegal online betting platforms and the need for stricter enforcement of regulations to protect consumers and maintain the integrity of the gambling industry. As the probe unfolds, the findings will likely have significant implications for the future of online betting in Australia.
FAQs
Is Polymarket legal in Australia?
Polymarket’s operations are illegal in Australia, yet the platform has been accessible to Australian users, raising concerns about enforcement of gambling laws.
What other countries have banned Polymarket?
Polymarket is banned in countries such as France, Belgium, and Switzerland due to regulatory issues and non-compliance with local gambling laws.