Korean police launch illegal gambling investigation into local Polymarket users

Odaily Planet Daily News Korean police are investigating local users of the prediction market platform Polymarket for alleged illegal gambling. Polymarket is classified as private gambling in South Korea and is considered illegal under current law.

According to police sources, the Gangwon Provincial Police Agency has recently been commissioned by the National Police Agency to investigate domestic users of Polymarket. This is the first such action targeting domestic users, covering nationwide regions including Gangwon Province. Under Article 246 of the Korean Criminal Code, all 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. Involved users may face a maximum fine of 10 million won.

Lawyers for some of the users under investigation pointed out that while the cases meet the legal requirements for illegal gambling, it is difficult to predict the severity of penalties as there are no precedents of punishment for using Polymarket in South Korea.

Currently, accessing Polymarket does not require the use of IP proxies, and the platform imposes no restrictions even if Korean users place bets using USD stablecoins. The upcoming June 3 local elections have become a popular betting subject, with gambling amounts reaching tens of billions of won. (Chosun)