The decentralized prediction platform Polymarket is facing a persistent enforcement challenge in Singapore, yet, regardless, there is a surge in betting activity.
Despite being officially banned and geoblocked since December 2024, local users are continuing to access the site via alternative channels to place wagers on domestic and geopolitical events, highlighting the difficulty of regulating crypto-based offshore platforms.
Average Daily Stakes Surpass $100,000
Recent tracking of the platform reveals high-intensity betting on mundane domestic variables. Throughout April, average daily wagers on Singapore’s temperature readings have exceeded $100,000.
On a single evening (April 17), nearly $125,000 had been staked, with the majority of punters backing a peak temperature of 33°C. Polymarket has historically been used for higher-stakes events in the territory, including a total of $720,000 wagered on the results of the 2025 General Election.
The Legal and Regulatory Barrier
Singaporean authorities, including the Gambling Regulatory Authority and the Singapore Police Force, have repeatedly warned that the platform is illegal under the Gambling Control Act. The use of decentralized systems and cryptocurrency makes it nearly impossible for regulators to identify individual users, but the government remains firm on enforcement.
Officials from Singapore have made it clear for Polymarket that circumventing geoblocks is a criminal offense:
“Breaking through access blocks on purpose might land someone in legal trouble. Fines reaching SGD10,000 could apply, alongside half a year behind bars, maybe even both. What counts is intent: doing it knowingly risks violating the Gambling Control Act.”
With over 145,000 illegal transactions blocked and nearly 3,800 sites blacklisted by early 2025, Singapore continues to lead a regional crackdown on unauthorized remote gambling.
However, the global visibility of Polymarket, backed by figures like Peter Thiel and Donald Trump Jr., continues to draw tech-savvy punters into a high-stakes game of regulatory “cat-and-mouse”.
