Australia Blocks Polymarket After Regulator Finds Law Breach

Australia’s gambling watchdog has moved to shut out Polymarket, the crypto-powered prediction market platform, after finding it was targeting local users in violation of national gambling laws.

Good to know

• ACMA has ordered internet providers to block Polymarket and three other gambling sites.
• VPNs can bypass geo-blocks, which regulators say allowed Australians to keep betting.
• Polymarket is planning a return to the U.S. after a $112 million acquisition deal.

The Australian Communications and Media Authority (ACMA) confirmed it has added Polymarket to its list of banned sites, alongside three other online gambling platforms. The move follows an investigation triggered by a Crikey report that revealed TikTok ads for Polymarket were aimed at Australians, despite the platform being unlicensed to operate in the country.

Under the Interactive Gambling Act 2007, offering unlicensed gambling services to Australians is illegal, and internet service providers must block access when ordered by ACMA.

How the site worked — and why it got banned

Polymarket lets users wager cryptocurrency on “prediction markets” — bets tied to the outcome of real-world events, from sports results to political elections. While the site had geo-blocking measures in place to keep Australians out, these barriers were easily bypassed with VPNs. ACMA says many accounts involved in Australia-related bets appeared to be from inside the country.

The ban comes after months of regulatory review, with ACMA confirming that as of this week, any Australian trying to visit Polymarket will hit a block screen. The platform is already off-limits in France, Switzerland, and Belgium for similar licensing issues.

Polymarket has not yet responded publicly to the decision.

A ban in Australia, but a comeback in the U.S.

While it faces a shutdown in Australia, Polymarket is preparing a high-profile return to the American market. The platform was banned in the U.S. in 2022 for operating without the required licenses under the Commodity Futures Trading Commission (CFTC).

Now, a $112 million acquisition deal has cleared the way for its comeback. Founder and CEO Shayne Coplan says the agreement will allow Polymarket to operate legally in the U.S. once again, though the exact launch timeline remains under wraps.