India has ordered the blocking of prediction market platforms Polymarket and Kalshi, classifying them as illegal online betting services under the country’s new online gaming law. Authorities said the platforms allowed users to wager on events like cricket matches and politics, leading regulators to treat them as gambling rather than forecasting tools. The move matters because it signals India is tightening oversight on crypto-linked prediction markets, while critics argue the restrictions could hurt innovation in emerging financial technologies.
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