Indonesia blocks Polymarket after president’s exit bets
Indonesia has blocked prediction marketplace Polymarket as part of a crackdown on online gambling, Indonesia’s communications and digital ministry said, days after the site bet on a premature end to Prabowo Subianto’s presidency.
Gambling is illegal in Indonesia and authorities are restricting online betting
Alexander Sabar, an official at the Ministry of Communications and Digital Affairs, said Polymarket was classified by Indonesia as an online gambling platform and that its activities “include betting and speculation on events without results”, thus violating Indonesian law.
Polymarket attracted attention on social media in Indonesia last week after a bet was opened on when Prabowo would “take the presidency”.
His term expires in 2029.
The bet was launched on May 21, the day after Prabowo announced a major plan to centralize control of Indonesia’s most valuable commodity exports such as coal and palm oil.
Prabowo’s administration has come under investor scrutiny this year over his economic policy.
Ministry official Sabar said that the Indonesian government is scanning all social media accounts affiliated with Polymarket.
The official said the decision aims to protect the public, who urge them “not to access or participate in speculative activities based on digital betting.”
“Activities such as Polymarket’s involve financial betting and speculation on events with uncertain outcomes, thus violating applicable Indonesian laws,” the statement said.
The website says “Prabowo Subianto as President of Indonesia… …?” and this claim opens the door to speculation. Some of these claims point to May 31, June 30 or December 31 of this year.
In a multibillion-dollar industry, prediction platforms like Polymarket allow users to profit from predictions on events such as sports and elections.
Some opponents, including some US states, have argued that prediction markets are illegal and unlicensed under their local laws.
At the end of April, the Brazilian government announced that it was blocking prediction market platforms with bets on politics, culture and climate, such as Polymarket, which it described as “illegal” because they did not comply with current legislation.
from EFE
