SynopsisIndonesia has blocked the prediction market Polymarket. This action is part of a wider crackdown on online gambling. Polymarket was reportedly taking bets on the premature end of President Prabowo Subianto's term. Indonesian authorities classify Polymarket as an online gambling platform. The ministry stated its activities violate Indonesian law. Polymarket has expressed a commitment to engaging with Indonesian authorities.Indonesia has blocked predictions market Polymarket as part of its crackdown on online gambling, its communications and digital ministry said, days after the site took bets on a premature end to Prabowo Subianto's presidency. Gambling is ‌illegal in ⁠Indonesia ⁠and authorities have been clamping down on online betting.Ministry official Alexander ​Sabar in a statement late on Friday said Polymarket was classified by Indonesia ​as an online gambling platform and its activities "contain betting and speculation over events that are inconclusive", therefore violating Indonesian law.A Polymarket ​spokesperson said on Tuesday that the ⁠company was committed ‌to engaging with authorities."We welcome the opportunity to collaborate with Indonesia on a path forward that supports ⁠responsible innovation, transparency and user protection in prediction markets," the spokesperson said.Polymarket attracted attention on social ​media in Indonesia last week after a bet opened on when Prabowo would be "out as president". His term expires in 2029.The wager was launched on May 21, the day after Prabowo announced a major plan to centralise ‌control of Indonesia's most prized commodity exports, such as coal and palm oil. Prabowo's administration has been under ​scrutiny from ​investors this year over ⁠its economic policy.Indonesia's government was combing over all social media accounts affiliated with Polymarket, ministry official Sabar said.Prediction platforms such ​as Polymarket allow users to profit from predictions on events such as sports and elections, in what is a multibillion-dollar industry. Some opponents, including some US states, have argued prediction markets are illegal and unlicensed under their local laws. ...moreElevate your knowledge and leadership skills at a cost cheaper than your daily tea.Subscribe Now