Polymarket Faces Ban In Indonesia Amid Growing Global Crackdown

Amid the global crackdown on online gambling and prediction markets, Indonesia has joined the list of jurisdictions imposing restrictions on Polymarket and similar platforms after a bet on the President’s term drew online attention.

Director General of Digital Space Supervision Alexander Sabar affirmed that platforms facilitating real-money wagers on event outcomes are considered gambling, even when framed as “prediction markets” and using blockchain technology or crypto assets.

“The government will not tolerate any form of online gambling in Indonesia. Activities like Polymarket involve monetary betting and speculation on events with uncertain outcomes, which violates applicable Indonesian laws,” Alex emphasized.

The Ministry also urged the public not to access or engage in digital betting-based speculation activities, including those using crypto, as these activities could violate Indonesian laws and cause financial losses for users.

Indonesian authorities noted that their decision to restrict access to Polymarket aligns with other global legal frameworks. As the announcement stated, several other jurisdictions have also implemented measures against Polymarket and other prediction market platforms, arguing that they resemble online gambling practices.

Over the past two years, Taiwan, Thailand, China, and India have imposed restrictions on Polymarket under their respective local laws, while Singapore, Colombia, and India have officially blocked the platform.

Meanwhile, Brazil’s central bank announced a ban on prediction markets and betting platforms in March, including Polymarket and Kalshi. The authorities affirmed that the platforms failed to comply with local regulations on derivatives trading and raised concerns about investor protections and market integrity.

The lawmaker announced that he had sent a letter to the CEOs of both companies seeking information on how their platforms detect and prevent insider trading. He also asked for details on how they verify user identities and enforce bans on users from restricted jurisdictions. On the same day, the two prediction market giants lost their bids to halt the gambling-related enforcement actions against them in Nevada and Washington.