The Australian Communications and Media Authority (ACMA) has requested Polymarket be banned from the country after deeming it to be operating in breach of the country’s Interactive Gambling Act 2001.
The prediction market platform is one of four sites to face action from the watchdog, which has called on Australian internet service providers (ISPs) to block consumers from accessing Slot Mafia, Aussie Pokes and Spinanga.
An ACMA statement published today read: “Website blocking is one of a range of enforcement options to protect Australians against illegal online gambling.
“Since the ACMA made its first blocking request in November 2019, 1,296 illegal gambling and affiliate websites have been blocked. Around 220 illegal services have also pulled out of the Australian market since the ACMA started enforcing new illegal online gambling rules in 2017.
“The ACMA is reminding consumers that even if a service looks legitimate, it’s unlikely to have important customer protections. This means Australians who use illegal gambling services risk losing their money.”
The ACMA has ramped up its efforts to clampdown illegal activity recently, ordering five other sites to be blocked less than a month ago.
In July, it hit Betfair with a A$871,000 fine after the operator was deemed to have violated Australian spam laws.
While in June, Tabcorp was fined A$4m for breaching the same spam laws more than 5,000 times in a three-month period.
News of Polymarket’s potential ban from Australia comes weeks after the operator announced a move that would see it return to the US – acquiring Commodity Futures Trading Commission (CFTC)-licensed exchange QXC.
Polymarket CEO Shayne Coplan, said: “Now, with the acquisition of QCEX, we are laying the foundation to bring Polymarket home – re-entering the US as a fully regulated and compliant platform that will allow Americans to trade their opinions.”
In July the US government ended its investigation into Polymarket. It will once again be able to engage US-based users.
Earlier this year, Polymarket was unveiled as an official partner of Elon Musk-owned social media giant X.
The post ACMA requests blocking of Polymarket in latest regulatory clampdown first appeared on EGR Intel.
Australian regulator looks to suspend prediction market platform’s access to users Down Under after deeming it to be operating in breach of the nation’s gambling act
The post ACMA requests blocking of Polymarket in latest regulatory clampdown first appeared on EGR Intel.