South Korea’s Broadcasting and Communications Review Committee has started reviewing Polymarket. It is checking whether the prediction market platform is offering illegal gambling content.
The review looks at whether Polymarket’s event-based contracts break South Korea’s gambling laws. The country allows only limited state-approved gambling, including sports betting, lotteries, horse racing, cycling and boat racing.
Prediction market model faces local test
Polymarket allows users to buy and sell positions on future outcomes. Its markets cover politics, economics, sport, entertainment, weather and other public events.
That model is different from a standard sportsbook, but regulators in several countries have still treated it as gambling. In South Korea, the main issue is whether users are risking money on uncertain outcomes in a way that falls under local restrictions.
The review could lead to access blocking if the committee finds that Polymarket is carrying illegal gambling content. South Korea has previously used website blocking and platform restrictions against offshore gambling services.
Global scrutiny keeps rising
Polymarket has already faced regulatory pressure in several markets. Indonesia blocked access to the platform this week as part of an online gambling crackdown, after the site hosted markets linked to President Prabowo Subianto’s political future.
Other jurisdictions have also treated prediction markets as gambling or betting-like products. South Korea is now another Asian market testing how prediction markets fit under gambling law.
Sports and politics add pressure
Prediction markets have drawn attention because they are no longer limited to niche financial or political forecasting. Polymarket markets can cover sports outcomes, elections, public policy, crypto prices and geopolitical events.
That range creates different concerns for regulators. Sports markets can look similar to betting products, while political and geopolitical markets raise questions around insider information, manipulation and public trust.
South Korea has taken a strict approach to offshore online gambling, with enforcement often focused on access blocking, payment routes and local promotion. That gives regulators several options if Polymarket is found to fall within illegal gambling rules.
