South Korea Regulator Reviews Polymarket for Gambling Violations

South Korea's Broadcast Media Communications Deliberation Committee is reviewing blockchain-based prediction market service Polymarket for potential gambling law violations following complaints received on the 21st. A committee official stated: "Polymarket complaints have been filed, and we are reviewing whether there are gambling law violations." The Broadcast Media Communications Deliberation Committee oversees illegal online content including gambling and defamation, and implements measures such as access blocking when violations are confirmed.

Prediction Markets and Polymarket

Prediction markets are platforms where users wager funds on event outcomes, with probabilities reflected in real-time pricing to form collective intelligence-based information. Polymarket and Kalshi are recognized as leading services in this sector.

Regulatory Precedent

Gambling concerns surrounding prediction markets are significant. Polymarket has been banned in the Netherlands and Argentina for promoting gambling activities.