In Singapore, if anyone wants to speculate about the outcome of an event, they must do so through the state-owned gambling company, Singapore Pools, or face fines and jail time.
Regulation of Polymarket:
On January 12, Singapore’s Gambling Regulatory Authority (GRA) mandated the country’s ISPs to block access to Polymarket, a decentralized prediction market platform. Despite Polymarket’s claims of being different from traditional gambling, it has attracted regulatory scrutiny in the city-state.
Creation of GRA:
Created on August 1, 2022, the GRA oversees all forms of gambling in Singapore. The authority was formed by reconstituting the Casino Regulatory Authority, making it a singular regulatory body capable of addressing evolving gambling products and services.
GRA’s Blocking of Polymarket:
When users in Singapore tried to access Polymarket on January 12, they were met with a warning message from the GRA, stating that Polymarket is an “illegal gambling site” operated by an unlicensed provider. Alex Zuo, Vice President of Investments and Custody at Cobo, shared a screenshot of the notice, highlighting the platform’s classification as a gambling website in Singapore. Zuo noted that bets must be placed through Singapore Pools to avoid fines and jail time.
VPN and Internet Provider Workarounds:
Interestingly, Polymarket’s front end can still be accessed via a VPN routed to Singapore servers. According to some sources, users may also reach the website if they do not use a major Singaporean internet provider.
Tightening Gambling Regulations:
Singapore has been tightening its gambling regulations, with Polymarket being the latest entity affected. Since 2015, the GRA has blocked more than 3,800 gambling websites and 145,000 transactions amounting to $27 million.
Previous Instances of Polymarket Scrutiny:
Polymarket’s blocking follows its exit from the French market, where it faced similar regulatory scrutiny. In November 2024, the platform left France after a trader placed $45 million in bets on Donald Trump’s presidential victory across multiple accounts. Two years earlier, in 2022, Polymarket settled with the US Commodity Futures Trading Commission (CFTC) for operating an unregistered derivatives trading platform.
Coinbase recently received a subpoena from the CFTC seeking account information tied to Polymarket. Despite regulatory challenges, Polymarket has seen significant usage in the first two weeks of 2025, recording over $430 million in trading volume. Of this, $15 million came from wagers related to the Super Bowl Championship 2025, marking it as the largest market so far this year.
