South Korea Investigates Polymarket for Potential Illegal Gambling

South Korea's Broadcasting and Communications Review Committee (KCSC) has initiated a formal investigation into the prediction market platform Polymarket to determine if it offers illegal gambling content, according to Foresight News. The inquiry aims to assess whether Polymarket violates South Korea's anti-gambling laws, which strictly limit gambling activities to state-approved entities such as horse racing and sports betting. Polymarket argues that its platform does not fall under the anti-gambling law's jurisdiction because the odds are determined by market participants buying and selling contracts, rather than being set by the platform operators. The investigation comes as South Korea prepares for local elections in June, with several prediction markets related to election outcomes already active on Polymarket.