Another country has blocked Polymarket after the platform allowed bets on the president leaving office early
Indonesia has blocked Polymarket as part of its campaign against online gambling, the Ministry of Communications and Digital Affairs announced, according to Reuters. The decision comes a few days after bets appeared on the website regarding a possible premature end to the mandate of President Prabowo Subianto.
Gambling is banned in Indonesia, and authorities have stepped up their crackdown on online betting platforms in recent years.
Polymarket is an online platform that allows its users to offer bets on various events with odds set by them. It essentially works as a betting “exchange” where users can bid on various events. The probabilities are then calculated based on the volume of transactions on the outcome of a particular event.
In a statement released late Friday, ministerial official Alexander Sabar said Polymarket is classified by Indonesian authorities as an online gambling platform.
According to him, his activities “involve betting and speculation on events whose outcome is not yet determined,” which violates the country's legislation.
A spokesperson for Polymarket said on Tuesday that the company is willing to cooperate with the authorities.
“We welcome the opportunity to work with Indonesia to identify a solution that supports responsible innovation, transparency and user protection in prediction markets,” said the company's representative.
Polymarket attracted attention on social media in Indonesia last week after a bet was launched on when Prabowo would cease to be president. His term expires in 2029.
The bet was opened on May 21, a day after Prabowo announced a sweeping plan to centralize control over exports of some of the country's most important commodities, such as coal and palm oil. His administration has been under the attention of investors this year because of the economic policies promoted.
Alexander Sabar said the government is checking all social media accounts associated with Polymarket.
Prediction platforms like Polymarket allow users to earn money by predicting events, from sports competitions to elections, in an industry valued at billions of dollars.
Critics of this model, including authorities in some US states, argue that such markets operate as forms of gambling and do not hold the necessary licenses under local law.
Polymarket is also blocked in the United States and several European countries, such as Belgium, France, Poland or Romania.
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