Polymarket and Other Prediction Markets May Face Strict Australian Regulation; ASIC Has Received No Applications

Australian Securities and Investments Commission Chair Sarah Court said at a parliamentary hearing that the regulator had received no applications from prediction market operators. According to Odaily, platforms such as Polymarket may face strict regulation in Australia, and applications for operating licenses would be closely reviewed. Court said prediction markets use trading mechanisms similar to binary options, which are prohibited in Australia: outcomes are all-or-nothing, and the underlying events often have no connection to investments or financial markets. Australian users can access overseas platforms directly, but are not protected by local financial regulation and may lack access to dispute resolution and safeguards for customer funds.