Saturday, February 15, 2025
Sports Gaming Picks - Get Your Picks Now

Belgium Adds Polymarket to List of Banned Websites

Belgium’s gambling regulator, the Kansspelcommissie, has blacklisted the world’s largest prediction market, Polymarket. As a result, access to the website will be blocked for players in Belgium. This decision was made after Polymarket failed to respond to several warnings from the commission.

Polymarket’s Rise and Controversy Since the US Elections

Polymarket offers prediction markets for various events, including political elections, legal outcomes, and weather patterns. These novel products have resonated with fans who enjoy betting on the outcomes of popular happenings. Analysts suggest that prediction markets may offer more reliable election forecasts than traditional polls, contributing to their rising popularity and controversy.

Founded in 2020 by Shayne Coplan, Polymarket is closely tied to the crypto sector, offering accessible bets to blockchain enthusiasts. The recent US presidential election significantly boosted the platform’s popularity, with billions of dollars wagered on the outcome. However, many markets consider Polymarket’s products unregulated betting, resulting in bans in several regions, including an investigation by the CFTC in the United States.

Meanwhile, Belgium has moved to block Polymarket, citing regulatory violations.

Polymarket’s Failure to Respond

According to the Kansspelcommissie, Polymarket did not respond to multiple warnings from the commission. The authority had cautioned the prediction market about the unregulated nature of its products on three separate occasions but received no response. Consequently, the Kansspelcommissie added Polymarket to its blacklist and requested Belgium’s public prosecutor to block IP access to the site, effectively preventing it from reaching local players.

Bans in Other Markets

Polymarket’s ban in Belgium follows its recent exit from France. France’s gaming regulator, the ANJ, launched an investigation into the market after a local player wagered millions on Trump’s victory, prompting Polymarket to withdraw from the market to avoid potential trouble.

Similarly, Singapore has blocked access to Polymarket, arguing that its products are illegal. Like Belgium, Singapore blocked IP access to the market, stating that only GRA-licensed operators are permitted to offer their products to local players.

Controversy Surrounding Decentralized Betting

The decentralized nature of Polymarket has garnered praise and attracted support from high-profile investors. However, concerns about market manipulation have been raised, with some reports suggesting that up to a third of the platform’s trading activity might be wash trading – a practice where traders repeatedly buy and sell assets to create the illusion of high market activity.

Sports Gaming Digest FREE Digital Sports Magazine Subscription

Related Articles

Jackery Solar Battery Portable Generator

Latest Articles

Wager-Tracker: All Sports Betting Log