South Korea Opens First Probe Into Polymarket Users Over Illegal Betting

South Korean police have launched their first investigation into local users of Polymarket, the world’s largest prediction market, on suspicion of illegal gambling. According to ChosunBiz, the probe is being led by Gangwon Provincial Police following a request from the National Police Agency. The case matters because South Korean law prohibits betting on platforms outside the state-authorized Sports Toto system. Individuals found violating Article 246 of the Criminal Act can face fines of up to 10 million won. Authorities are reportedly examining trading activity linked to Polymarket markets on South Korea’s June 3 local elections, where betting volumes reached tens of billions of won. The investigation could set a precedent for how prediction markets are regulated in the country.