Blocked crypto site sees surge in S’pore-related bets; ‘no blocking method is foolproof’, says Govt
Despite being blocked, the cryptocurrency gambling platform Polymarket is seeing increased betting activity from Singaporean users, prompting a response from authorities.Summary
A gambling platform, Polymarket, remains accessible in Singapore despite being blocked since late 2024, with a recent surge in bets related to Singaporean events like daily temperature and future elections. Users are wagering significant amounts – averaging over US$100,000 daily in April – using cryptocurrency, making it difficult to identify individual punters. While Polymarket actively restricts access from Singapore, third-party platforms allow users to circumvent these blocks. Authorities acknowledge that blocking methods are not foolproof and reiterate that Singapore Pools is the only licensed remote gambling operator. Individuals circumventing these measures risk fines, jail time, or both. The platform has faced scrutiny for wagers on international events and is backed by figures linked to the Trump administration.
(Source：The Straits Times)