India cracks down on prediction markets: Polymarket goes dark, Kalshi could be next
Polymarket has gone dark in India and as per local media reports, Kalshi could be next.
What to know:
- Polymarket, a major decentralized prediction market, has been blocked for users in India after a government directive ordering internet providers to cut access to certain betting platforms.
- The Ministry of Electronics and Information Technology has reportedly already issued a blocking order for Polymarket and is preparing a similar order for U.S.-regulated rival Kalshi.
- Indian authorities classify prediction markets as prohibited online money gaming.
The outage follows an April 25 advisory from the Ministry of Electronics and Information Technology (MeitY) directed at VPN service providers. The advisory warned that local users were continuing to access “illegal and blocked prediction market and online betting platforms” despite “domestic prohibitions.”
According to the directive, internet service providers were required to terminate access to prediction markets, with Polymarket among the primary targets.
While Kalshi, a platform regulated by the U.S. Commodity Futures Trading Commission (CFTC), is currently still accessible, it may soon face a similar fate. Local media reports, citing an anonymous source within MeitY, claim the agency has “already issued a blocking order to Polymarket and are in the process of issuing an order to Kalshi as soon as Friday.”
Prediction markets enable users to wager real money on the outcomes of binary events, such as referendums, financial asset price movements, and election results. These platforms saw a massive surge in global popularity during the 2024 U.S. presidential election, becoming a primary venue for investors to hedge or bet on political outcomes.
