South Korea has joined the growing list of countries cracking down on prediction markets. Police have launched the nation’s first investigation into local users of Polymarket, suspecting illegal gambling.
South Korean police have launched the country’s first investigation into local users of the Polymarket prediction platform, suspecting illegal gambling. The probe is being conducted by the Gangwon Provincial Police Agency at the request of the National Police Agency.
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Under local law, Koreans are prohibited from placing sports bets anywhere except the sole legal site, Sports Toto, which has a limit of 100K won (~$65 per bet). Violators face fines of up to 10M won, roughly $6,500.
The investigation was triggered by large bets placed on the June 3 local elections, including predictions on the Seoul mayoral race, which saw volume exceeding $52M.
Authorities are also considering blocking the platform. The Korea Communications Commission is already reviewing whether Polymarket’s services constitute illegal gambling.
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Global Pressure on Polymarket: From Indonesia to the US
South Korea joins a growing list of countries restricting Polymarket. The platform is fully blocked in Singapore, Poland, Portugal, Hungary, Ukraine, Brazil, and Indonesia, which recently imposed a ban as part of a nationwide campaign against online betting. Polymarket is also unavailable in India.
Read more: Best Prediction Markets 2026 — Regulated Access, Crypto Liquidity and Risk Filters
According to The Block, total trading volume on Polymarket and Polymarket US has reached $88.6B.
US Congress to Add Prediction Markets to Stock Trading Ban for Politicians
Separately, a legislative initiative is moving forward in the United States. House Administration Committee Chairman Bryan Steil has announced that he will add prediction markets to his Stop Insider Trading Act. The bill already prohibits members of Congress and their families from buying individual company stocks and would now ban them from betting on election outcomes and government decisions.
“In my conversations with members of Congress and the general public, I don’t think anyone believes that members of Congress should be betting on elections or public policy,” Steil emphasized.
In April 2026, the US Senate already banned its members and their families from betting on prediction markets. Steil’s bill, which is set for consideration this summer, is broader in scope but has drawn criticism from Democrats for not including the executive branch.
Learn more: What Is Polymarket? The Beginner’s Guide to the Prediction Market Everyone Is Talking About in 2026
