Betting activity linked to Singapore has reportedly increased on Polymarket despite the platform being blocked in the country since December 2024. The trend highlights the growing enforcement challenge regulators face when dealing with offshore prediction markets. These markets operate using cryptocurrency and decentralised infrastructure.
Local media reports suggest users continue to access Polymarket through alternative methods. This allows them to place wagers on Singapore-related outcomes even after authorities imposed formal restrictions.
Temperature Market Sees Over $100K in Daily Wagers
Recent Polymarket activity has reportedly included betting on Singapore’s daily peak temperatures, with average daily stakes in April exceeding $100,000. On April 17, total wagers reportedly reached nearly $125,000 by the evening cut-off. Most participants predicted a peak temperature of 33°C.
Polymarket operates as a prediction market where users buy “yes” or “no” shares based on real-world outcomes. The platform settles winning positions in cryptocurrency, which regulators say complicates enforcement and user identification.
Regulators Warn Crypto Platforms Make User Location Hard to Track
Singapore authorities have repeatedly stressed that cryptocurrency-based offshore betting platforms present unique regulatory risks. In a joint statement, the Gambling Regulatory Authority (GRA), the Infocomm Media Development Authority (IMDA), and the Singapore Police Force said decentralised payment structures make it difficult to confirm the location and identity of users.
Polymarket’s website states that Singapore users cannot participate in transactions. The platform also applies geoblocking restrictions across more than 30 jurisdictions, including Singapore.
Polymarket Blocked Under Singapore’s Strict Remote Gambling Rules
Singapore regulators officially blocked Polymarket in December 2024 after classifying its services as unlawful gambling under local law. Singapore maintains strict controls on remote gambling, and Singapore Pools remains the only authorised legal provider for online gambling services.
Authorities have warned that intentionally bypassing access restrictions may constitute a criminal offence under the Gambling Control Act. Individuals found to have knowingly accessed illegal gambling platforms could face penalties of up to SGD10,000 in fines, up to six months’ imprisonment, or both.
Wider Crackdown Has Blocked Thousands of Illegal Sites
In recent years, Singapore has significantly expanded its enforcement campaign against illegal gambling. Home Affairs Minister K. Shanmugam previously said authorities had blocked around 3,800 illegal gambling websites by early 2025.
Authorities also reported that by the end of 2024, they had blocked more than 145,000 illegal gambling transactions linked to Singapore, worth an estimated SGD37 million.
Polymarket Previously Hosted Major Singapore Political and Sports Markets
Before the ban, Polymarket was used for betting on major Singapore events including the Formula 1 Singapore Grand Prix, the Presidential Election, and the 2025 General Election. Reports indicate that approximately $720,000 was wagered on the 2025 General Election market alone.
Global Attention Intensifies as Prediction Markets Expand
Polymarket has drawn international scrutiny due to heavy betting activity tied to geopolitical events, including markets related to conflict developments involving Iran and US-Israel tensions. The platform is reportedly based in New York and has been linked to high-profile backers. These include Peter Thiel and Donald Trump Jr., who serves as a strategic adviser.
Kalshi, another prediction market platform operating with fiat settlement and regulated under US federal oversight, is also reportedly blocked in Singapore.
Enforcement Challenge Likely to Persist
The continued activity around Singapore-focused markets despite the official ban underscores a broader issue facing regulators worldwide. Prediction markets using cryptocurrency can remain accessible even under formal blocking measures. As such platforms grow in popularity, enforcement is likely to remain a key challenge for jurisdictions with strict gambling control frameworks.
