Australia’s gambling regulator has classified prediction markets as gambling and has ordered internet providers to block access for Australians, according to documents obtained by Crikey in a freedom of information request.
The decision comes after an investigation by the country’s gambling regulator, Australian Communications and Media Authority, into Polymarket, which allows cryptocurrency wagers on the outcomes of events, including sports, elections, and global economic developments.
The company has argued that its service constitutes a financial product rather than gambling, but Crikey reports that the Australian Communications and Media Authority rejected that argument.
