South Korea Restricts Access to Prediction Market Polymarket Amid Global Gambling Concerns

South Korea has mandated the restriction of domestic access to the prediction platform Polymarket, marking it as the 31st jurisdiction to impose such measures due to gambling-related risks.

The Korea Media and Communications Standards Commission approved the ban following an evaluation that Polymarket operates in violation of the nation’s Criminal Act and National Sports Promotion Act by enabling gambling activities.

The platform enables users to trade contracts predicting the outcomes of real-world events such as elections, sports competitions, economic metrics, and weather conditions. It competes as one of the largest prediction markets globally, alongside Kalshi.

Regulators argue the platform’s design fosters speculative behavior, as user profits and losses hinge on external events rather than individual actions.

Polymarket has reportedly discontinued Korean-language services, ceased support for transactions in South Korean won, and utilizes decentralized peer-to-peer transactions alongside smart contract automation for operations.

Despite these adjustments, the regulator dismissed the platform’s arguments, asserting that Polymarket’s management of market creation, trading protocols, and financial systems—including fee structures—maintains its role in facilitating gambling activities.

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