South Korea has authorized a block against Polymarket, joining a growing list of countries restricting access to the prediction market platform. The move highlights ongoing regulatory pressure despite Polymarket’s recent U.S. return
Polymarket, a U.S.-based prediction market platform, is facing new regulatory action in South Korea as authorities move to restrict access to its website. The Korea Media and Communications Commission has authorized a block against Polymarket, citing concerns that the platform’s event contracts violate national gambling laws. This development comes as Polymarket continues to expand its presence in the United States, where it recently resumed operations after resolving previous regulatory issues.
Regulatory Action in South Korea
The decision to block Polymarket was coordinated by several South Korean agencies, including the Korea Media and Communications Commission, the Korean National Police Agency, the National Gambling Control Commission, and the Korea Sports Promotion Foundation. Officials determined that Polymarket’s operations encourage gambling behavior and conflict with the National Sports Promotion Act. While the block has been authorized, it remains unclear when or if internet service providers will implement technical restrictions on access to the platform.
Polymarket’s Response and Compliance Record
Polymarket has argued that its platform does not fall under the Communications Network Utilization and Information Protection Act and does not qualify as an “administrator” under South Korean law. Despite these objections, the National Gambling Control Commission has rejected Polymarket’s interpretation. Historically, Polymarket has complied with regulatory decisions in other jurisdictions, often withdrawing or restricting access when ordered by authorities.
Global Restrictions and Market Impact
South Korea’s move follows similar actions in other countries. In recent months, Denmark blocked Polymarket along with nearly 100 other sites, classifying them as illegal gambling operators. Polymarket is now restricted in approximately 39 countries, including North Korea, Myanmar, Indonesia, Taiwan, Thailand, China, and Japan. These blocks limit the platform’s international reach even as it maintains a multibillion-dollar valuation and continues to operate in the U.S. market.
Prediction markets like Polymarket allow users to trade contracts based on the outcome of real-world events, such as elections or sports results. While these platforms are sometimes compared to sportsbooks, they are often regulated differently depending on the jurisdiction. In many countries, event contracts are treated as a form of gambling and subject to local gaming laws, which can result in access restrictions or outright bans. Understanding the distinction between prediction markets and traditional gambling products is essential for interpreting regulatory actions and market availability.
