Korean police have launched an illegal gambling investigation into local Polymarket users

Odaily Planet Daily News: The Korean police are investigating local users of the prediction market platform Polymarket on suspicion of illegal gambling. Polymarket is considered private gambling in South Korea and is deemed illegal under current laws.

According to police sources, the Gangwon Provincial Police Agency recently, upon the request of the National Police Agency, initiated an investigation into domestic Polymarket users. This is the first such action targeting domestic users, covering the entire country, including Gangwon Province. Under Article 246 of the Korean Criminal Code, gambling activities are illegal except for Sports Toto, which is operated by the National Sports Promotion Corporation with a betting limit of 100,000 won. Users involved may face fines of up to 10 million won.

Lawyers for some of the investigated users pointed out that while the cases meet the elements of illegal gambling, the severity of the punishment remains difficult to predict as there are no precedents for penalties related to the use of Polymarket within the country.

Currently, accessing Polymarket does not require the use of tools like a VPN, and the platform does not impose restrictions even if Korean users use USD stablecoins for betting. The upcoming June 3 local elections have become a popular betting target, with the amount involved reaching tens of billions of won. (Chosun)