South Korea's National Police Agency is investigating domestic users of Polymarket under charges of illegal gambling, according to local news reports.
ChosunBiz reported Friday that the Gangwon Provincial Police Agency has launched an investigation into nationwide Polymarket traders, marking South Korea's first-ever probe into local users of the prediction market platform.
Currently, local law prohibits South Koreans from placing sports bets outside Sports Toto, the single authorized website operated by the Korea Sports Promotion Foundation (KSPO), which strictly caps individual bets at 100,000 won ($65). Domestic users of Polymarket could therefore be subject to a fine of up to 10 million Korean won ($6,495), the report added.
The reported investigation followed a few days after South Korea's local elections on June 3, which spawned multiple sizable bets — ones predicting the outcome for the Seoul mayoral election drew in over $52 million.
Last month, it was reported that the Korea Communications Standards Commission, the country's media watchdog, is reviewing whether Polymarket's services constitute illegal gambling after receiving a complaint regarding its event contracts.
