US-based prediction markets taking bets on Australian elections and Albanese’s word choices
US prediction markets are betting on Australian elections and Prime Minister Anthony Albanese's parliamentary words, raising gambling harm concerns.Summary
US-based prediction market platforms like Kalshi and Polymarket are facilitating bets on Australian elections and specific political events, including Prime Minister Anthony Albanese's word choices. Despite Australian regulators blocking access and mandating ISP blocks, these platforms remain accessible via VPNs and have seen significant trading volume, such as nearly US$500,000 on the Farrer byelection and US$13,000 on specific words Albanese might say. Gambling harm advocates and regulators are concerned about the lack of oversight, the potential for market manipulation, and the platforms' ability to bypass existing gambling laws. The Australian government is considering extending regulatory powers to block these illegal offshore operators as part of upcoming wagering reforms.
(Source：The Guardian)