South Korea's Gangwon Provincial Police Agency is investigating domestic Polymarket users for illegal gambling on election outcomes, tracing crypto transactions, with potential fines up to 10 million won ($6,500).
South Korean police investigate local Polymarket users for illegal gambling, with potential fines up to 10 million won ($6,500), amid global regulatory scrutiny of decentralized prediction markets.
Poland's Ministry of Finance reports over 55,000 illegal gambling domain entries in its register, with 700 new addresses added monthly. The ministry notes a decrease in the grey economy's share of online gambling and a rise in gaming tax revenue, projected to reach PLN 299 million in 2025.
Wisconsin Attorney General Josh Kaul has sued Kalshi, Polymarket, Robinhood, Crypto.com, and Coinbase in Dane County court, alleging their prediction market offerings constitute illegal gambling operations that violate state law. The complaints cite the platforms' own marketing materials as evidence, including Kalshi's Instagram ads calling it 'The First Nationwide Legal Sports Betting Platform.' The state alleges Kalshi generates over $1 billion annually from sports contracts, representing roughly 90% of its total revenue. The enforcement action follows a similar lawsuit by New York AG Letitia James and intensifies growing federal-state regulatory conflict over prediction markets.
A report by activist firm Callisto Research alleges Sportradar has relationships with over 270 illegal gambling operators, including some in Iran and Russian-occupied Crimea. The betting data company, which monitors integrity for FIFA, UEFA, MLB and NBA, saw its shares fall 23% after the report. Sportradar denies all allegations, stating it works exclusively with licensed operators and complies with sanctions.
"Gemini and Coinbase’s so-called prediction markets are just illegal gambling operations," alleged New York AG Letitia James.
New York Attorney General Letitia James filed lawsuits against Coinbase and Gemini on Tuesday, alleging the crypto platforms violated state gambling laws by offering prediction markets. The state seeks $2.2 billion from Coinbase and $1.2 billion from Gemini, arguing the platforms allow users as young as 18 to gamble when the legal age is 21. Both companies claim their prediction markets are federally regulated event contracts, not gambling.
