Singapore Imposes Ban on Polymarket Amid Online Gambling Crackdown
Singapore has officially restricted access to the prediction marketplace Polymarket, a significant step in its ongoing effort to combat unlicensed online gambling. This move is part of a broader crackdown that has already seen over 3,800 gambling websites shut down since the beginning of the year.
Reports emerged on Jan. 12 when Singaporean users began experiencing difficulties accessing Polymarket.
A notice from the Gaming Regulatory Authority (GRA) of Singapore informed users that Polymarket is deemed illegal. The notice warns that individuals found in violation could face penalties including fines of up to $10,000, imprisonment for up to six months, or both.
As per the GRA, the only legal online gambling option for residents is Singapore Pools, a government-owned lottery subsidiary.
This restriction aligns Singapore with other jurisdictions, including Taiwan, France and the United States, which have also taken steps to limit access to Polymarket. Taiwan had previously restricted the site and even prosecuted an individual for placing bets on political elections.
The national crackdown on online gambling in Singapore has been extensive, with authorities blocking $37 million of transactions as of Dec. 31 last year. Singapore's Home Affairs Minister reported that the initiative aims to safeguard citizens from potentially harmful gambling practices.
Polymarket has gained international attention, particularly during the recent surge in political betting related to the 2024 presidential election in the United States. However, the platform has prohibited users from several countries, including Bolivia, Venezuela and Iran, further complicating its legal standing worldwide.
Neither the GRA nor Polymarket has provided immediate comments regarding the new restrictions.
Thailand's Casino Boom: The Next Big Bet for Investors
Thailand is gearing up to redefine Southeast Asia's entertainment landscape, and investors are buzzing. The government's green light for integrated casino complexes has already drawn heavyweights like Genting Malaysia, Galaxy Entertainment, and Melco Resorts & Entertainment (NASDAQ:MLCO). Melco is wasting no time, opening a Bangkok office and calling Thailand a generational opportunity. These mega-complexes, featuring luxury hotels, arenas, and shopping malls, are projected to boost Thailand's GDP by 0.7% and create 20,000 jobs. It's not just about gambling casinos will take up a modest 5% of these tourism hubs, leaving the rest for experiences designed to pull in global visitors year-round.
Melco isn't just playing the casino game; they're doubling down on culture. Teaming up with Thailand's National Soft Power Strategy Committee (THACCA), they're rolling out Global Soft Power Talks, kicking off on February 24 with Thai PM Paetongtarn Shinawatra and Michelin-starred chef Alain Ducasse. Melco's CEO Lawrence Ho is on a mission to elevate Thailand's cultural clout, blending luxury and creativity to drive economic growth. This isn't just lip service they're also sending Thai creatives abroad for hands-on training in global hubs like France and Italy. Melco knows that empowering local talent is a long-term bet that pays dividends.
So, why should investors care? Analysts are already sizing up Thailand's gaming market as the next Singapore, which raked in $4.5 billion in gaming revenue with just two resorts. Add in Thailand's larger population and well-oiled tourism machine, and the upside is clear. The cherry on top? Online gambling legalization is moving fast, promising a potential $2.9 billion in annual revenue. With legislation expected to pass soon, Melco is positioning itself as the frontrunner in a market poised to become a regional powerhouse. For savvy investors, Thailand's casino move isn't just a gamble it's a calculated play with massive upside.
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