South Korean Police Launch Investigation into Local Polymarket Users for Illegal Gambling

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

According to police sources, the Gangwon Provincial Police Agency recently received a request from the National Police Agency to investigate domestic users of Polymarket. This is the first case of its kind targeting domestic users and covers the entire country, including Gangwon Province. Under Article 246 of the South Korean Criminal Act, gambling is illegal except for Sports Toto, which is operated by the National Sports Promotion Corporation with a maximum bet limit of 100,000 Korean won. Users involved in this case may face fines of up to 10 million Korean won.

Lawyers for some of the users under investigation pointed out that while the cases meet the criteria for illegal gambling, it is difficult to predict the severity of the penalties as there have been no previous precedents for punishment related to the use of Polymarket in the country.

Currently, access to Polymarket does not require using IP proxy tools, and the platform does not impose restrictions even when South Korean users place bets using USD stablecoins. The June 3 local elections have become a popular betting subject, with the total amount wagered reaching tens of billions of Korean won. (Chosun)