Indonesia Blocks Polymarket for Gambling Law Violations
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- Indonesia blocked access to Polymarket on Friday, citing violations of local gambling laws that classify betting on uncertain outcomes as illegal even when using crypto assets.
- Polymarket opened a market on President Prabowo Subianto’s tenure, drawing more than $51,000 in trading volume and pricing a 1% chance of his early exit by May 31 and an 11% chance by the end of 2026.
- Ministry of Communication and Digital Affairs announced it will trace all social‑media accounts linked to the platform and restrict any similar “gambling” services.
- Michael Selig warned that without clear U.S. rules for prediction markets, activity could shift offshore, a stance that has sparked bipartisan pushback and lawsuits such as Minnesota’s ban.
Why it matters: The ban cuts off Polymarket’s Indonesian user base, denying the platform $51,000 in potential revenue and reinforcing a regional crackdown that pushes crypto gambling offshore, prompting regulators to tighten oversight.
