JAKARTA \u2014 Indonesia has blocked predictions market Polymarket as part of its crackdown on online gambling, its communications and digital ministry said, days after the site took bets on a premature end of Prabowo Subianto’s presidency.<\/p>\n
Gambling is illegal in Indonesia and authorities have been clamping down on online betting.<\/p>\n
Ministry official Alexander Sabar in a statement late on Friday (May 22) said Polymarket was classified by Indonesia as an online gambling platform and its activities “contain betting and speculation over events that are inconclusive”, therefore violating Indonesian law.<\/p>\n
Polymarket attracted attention on social media in Indonesia last week after a bet opened on when Prabowo would be “out as president”. His term expires in 2029.<\/p>\n
The wager was launched on May 21, the day after Prabowo announced a major plan to centralise control of Indonesia’s most prized commodity exports, such as coal and palm oil.\u00a0<\/p>\n
Prabowo’s administration has been under scrutiny from investors this year over its economic policy.<\/p>\n
Polymarket did not immediately respond to a Reuters emailed request for comment on Monday.<\/p>\n
Indonesia’s government was combing over all social media accounts affiliated with Polymarket, ministry official Sabar said.<\/p>\n
Prediction platforms such as Polymarket allow users to profit from predictions on events such \u2060as sports and elections, in what is a multibillion-dollar industry.\u00a0<\/p>\n
Some opponents, including some US states, have argued prediction markets are illegal and unlicensed under their local laws.<\/p>\n
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