South Korea Launches First Polymarket Illegal-Betting Probe
Gangwon police, at the National Police Agency’s request, have opened the country’s first illegal gambling probe into local Polymarket users; fines may reach 10 million won.
Gangwon Provincial Police, acting on a request from the National Police Agency, have opened South Korea’s first investigation into alleged illegal gambling by users of Polymarket, a decentralized prediction market platform. The probe targets accounts believed to have placed wagers on Polymarket contracts accessible from South Korea.
Authorities say the investigation covers trades on a contract that asked whether President Lee Jae‑myung would no longer be president in 2026. Public market data show that contract recorded nearly $54,000 in total trading volume. Police launched the inquiry following concerns that online betting on political outcomes may breach domestic gambling laws.
Under Article 246 of the Criminal Act, gambling and habitual gambling can carry fines up to 10 million won. Sports Toto is the state‑authorized sports betting platform, and unauthorized online wagering can be prosecuted under existing law. Police have not released how many users are under investigation or whether any charges or fines have been issued.
The investigation comes amid wider regulatory action against prediction markets. Polymarket has restricted access to the platform in more than 30 regions, and several countries have blocked or forbidden its use. In the United States, lawmakers have proposed limits on political prediction market trading for government officials and opened reviews of platform responses to alleged insider trading connected to large payouts on political contracts.
Polymarket is considering stronger identity checks aligned with global know‑your‑customer standards and has implemented geoblocks in numerous jurisdictions. The platform remains accessible from South Korea at the time of the probe.
Police and the National Police Agency have not provided a public timetable for the inquiry. The Gangwon investigation may result in fines under Article 246 if authorities determine local users violated gambling laws, and its findings could inform future enforcement of decentralized prediction markets in South Korea.
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