Despite the geo-block from Singapore, there is an influx of wagers with Polymarket. There is growing concern regarding its operations, but still no successful curb in the betting action.
Polymarket has become a focus point of many debates within Singapore. Even with a geo-blocking place, the platform continues to draw wagers tied directly to Singaporean events.
The geo-blocking has come into effect under the Gambling Control Act in late 2024. However, the daily betting volumes have exceeded $100,000 in April 2026. A clear indication of the growing hunger for decentralised gambling and the difficulty regulators face in their attempts to enforce these restrictions.
Polymarket is a cryptocurrency-based prediction market, which allows you to buy ‘Yes’ or ‘No’ or price prediction bets based on real-world events. The site makes use of blockchain technology and stablecoins. This enables anonymous participation and transparent settlements.
The market allows for all bets, ranging from politics to sports and global geopolitical events. There’s the option to wager on weather outcomes. It is backed by investors such as Donald Trump Jr and Peter Thiel.
Polymarket is considered a leading decentralised platform in the prediction market space.
There is growing concern from the Singaporean regulatory authorities about Polymarket’s use of cryptocurrency wallets. As per the Gambling Control Act, Singapore prohibits access to unlicensed betting platforms, which include crypto-based markets like Polymarket.
Residents who bypass geo-block risks fines of up to SGD 10,000 ($7,800). They can also be subject to six months' imprisonment. The authorities have managed to block more than 3,800 illegal gambling sites. They’ve also curbed 145,000 transactions worth about SGD 37million by the end of 2024.
The use of cryptocurrency to gamble online complicates the process of verifying the location or identity of users. And despite the geo-blocking system currently in place to prevent access, the Singaporean authorities have stated that it is extremely challenging to fully eliminate access to the platform.
In a joint statement from the Gambling Regulatory Authority, Infocomm Media Development Authority, and Singapore Police Force, it is said that no blocking method is foolproof. Indicating ongoing difficulties in fully stopping illegal online gambling activities.
And while Polymarket is inaccessible to users directly accessing the platform from Singapore, it continues to attract significant betting volumes. Clear proof that there are limitations to enforcement against decentralised platforms.
Polymarket may be deemed inaccessible to users directly from Singapore, but it continues to gain more attraction and rake in bigger betting volumes. The platform has hosted a wide range of events related to Singapore. According to statistics, the daily wagers at events exceeded $100,000 in April 2026.
Some of the popular events include the Formula 1 Singapore Grand Prix and the 2023 Presidential Election. The 2025 General Election was another betting opportunity, drawing in nearly $720,000 in wagers.
Aside from the local event,s the platform is also drawing a lot of interest in international and geopolitical events. There have been betting markets related to Iran before the military action. This drew scrutiny from local and international regulations.
In retaliation, Singapore’s regulatory body has increased its efforts to block illegal gambling sites. Over 3,800 websites were shut down by early 2025. And according to the government, about 146,000 illegal gambling transactions were blocked by the end of 2024.
At the current time, Polymarket continues its operations, attracting users from various jurisdictions where it is currently unregulated. The future of the platform in Singapore remains uncertain. With all the events, the government is even more dedicated and committed to restricting illegal gambling operators.
However, even with its efforts, Polymarket’s activity continues. This clearly highlights the challenges regulators are facing with all the changes in the online gambling market.
It’s unlikely that the regulators will soften their approach or change their minds. But the continuation of betting activity despite legal restrictions indicates that decentralised platforms will continue to test legal boundaries.
And as crypto adoption grows, the prediction markets may be even harder to target and regulate. As with Kalshi and the US, it needs to be considered that legal frameworks can co-exist with prediction markets. It’s unclear if Singapore will consider this route.
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