Indonesia’s Ministry of Communication and Digital Affairs has blocked access to Polymarket, the world’s largest prediction market platform, and plans to block all social media accounts affiliated with it.

 

According to Alexander Sabar, Director General of Digital Space Supervision, platforms that facilitate money-based betting on specific outcomes or events are still categorized as online gambling, even if they are presented as prediction markets.

 

“The government will not allow any form of online gambling in Indonesia. Activities like Polymarket involve betting and speculation on uncertain outcomes, thus violating Indonesian law,” Sabar said in Central Jakarta, one of the country’s main administrative areas.

 

The agency also said the decision to block Polymarket is intended to protect younger users and the broader public in the digital space, and added that it will block access to other platforms that facilitate online gambling activities in the country.

 

Prior to the ban, Polymarket had a limited user base in Indonesia. However, it gained greater visibility between May 20 and 21 of this month when it launched a contract on whether President Prabowo Subianto would leave office early. The contract drew significant attention in Indonesian digital spaces, attracting roughly 51,000 dollars in trading volume within days of its launch.

 

Global Crackdown on Prediction Markets Continues

Regulators' crackdown on the activities of prediction market companies continues to intensify. Just last month, Brazil’s National Monetary Council (CMN), together with other government agencies and regulators, blocked Polymarket, Kalshi, and 27 other prediction market platforms from operating in the country. This came shortly after a court in Buenos Aires reportedly ordered a ban on Polymarket in Argentina.

 

Other countries in Europe, including France, Belgium, Germany, Italy, Poland, Portugal, and Hungary, have either banned or heavily restricted the activities of Polymarket, Kalshi, and other prediction market companies within their jurisdictions.

 

In the United States, several state regulators have taken action against prediction markets, with Minnesota most recently imposing a comprehensive ban on them. At least 17 states, including Illinois, New York, and Ohio, have issued cease-and-desist orders against prediction market companies.

 

 

Polymarket, the world’s largest prediction market company, has partnered with Nasdaq, the global financial technology company, to launch the first prediction markets that track the performance and milestones of private companies. 

 

 

Prior to the launch of this new offering, only institutions and high-net-worth investors had exclusive access to invest in private, high-growth companies before they went public. However, with the launch of this new offering, individuals, including retail traders, can now access some of the most sought-after private companies before they go public. 

 

The new offering also provides real-time signals to institutional investors on how private markets are unfolding, helping them make informed investment decisions and better manage their risks. Users can now access and monitor events in the high-growth company market, which currently comprises over 1,700 unicorns globally. 

 

"Prediction markets are one of the most powerful tools we have for democratizing access to financial information and opportunity," said Shayne Coplan, Founder and CEO of Polymarket. "Today’s launch brings that power to one of the last frontiers of financial markets that retail participants have never been able to access. For the first time, anyone can engage with the outcomes driving value at the world's most consequential private companies."

 

And with the Nasdaq Private Market serving as the resolution data provider for private company markets, users can access private companies through the Polymarket platform. The “privates” section on Polymarket currently has about 20 active private markets, including SpaceX, OpenAI, Anthropic, Stripe, Anduril, and Canva. 

 

Hence, users can now transparently engage with verifiable private company events, including taking positions in a company’s valuation milestones, Initial Public Offering (IPO), and other secondary market activity. 

 

“Nasdaq Private Market has established itself as a trusted source of liquidity and investment infrastructure across the private market ecosystem,” said Tom Callahan, CEO of Nasdaq Private Market. “Polymarket has built a platform that can open access to a broader audience. We are proud to provide the data that ensures every market resolves accurately. When retail participants enter any market, high-integrity data matters.”