Indonesia Blocks Polymarket Over Viral Bet on President Prabowo

Indonesia has moved to block access to prediction market platform Polymarket after a viral wager speculating on an early end to President Prabowo Subianto’s term drew widespread attention online — the latest example in a growing global clampdown on platforms that blur the line between market forecasting and real-money gambling. In an official announcement, the Ministry of Communication and Digital Affairs said the ban is intended to protect the public, especially younger internet users. Alexander Sabar, Director General of Digital Space Supervision, reiterated the government’s stance that services enabling monetary bets on event outcomes amount to gambling — regardless of whether they use blockchain or crypto assets. Authorities warned they will also block other services suspected of “facilitating online gambling” and are tracking social media accounts that promote Polymarket to ensure the ban is enforced across platforms. The Ministry urged Indonesians to avoid participation in digital betting-based speculation, including crypto-based bets, citing potential legal violations and financial risk. The move joins a wave of international actions against prediction markets, where regulators say speculative wagering can dodge existing financial rules and investor protections. Over the past two years, a number of jurisdictions have restricted or blocked Polymarket: Taiwan, Thailand, China and India have imposed restrictions, while Singapore, Colombia and India are among those that have formally blocked access. In March, an Argentine court ordered nationwide blocks after Polymarket ran a market predicting inflation data, directing ISPs and app stores to cut access. That same month, Brazil’s central bank banned prediction markets such as Polymarket and Kalshi, citing noncompliance with derivatives rules and concerns about market integrity and investor protection. Regulatory scrutiny has also intensified in the United States. Representative James Comer opened a formal inquiry into Polymarket and Kalshi following reports of suspicious trades tied to classified U.S. military operations and major geopolitical events. Comer asked the companies for details on insider-trade detection, identity verification, and how they bar users from restricted jurisdictions. Meanwhile, both platforms recently failed in bids to halt gambling-related enforcement actions in Nevada and Washington. The Indonesia action underscores an increasingly hostile regulatory environment for prediction markets worldwide. For the crypto sector, the trend raises clear compliance and business-model questions: can these platforms redesign to meet derivatives, gambling and KYC rules — or will they be forced into narrower, more regulated use cases? Regulators appear prepared to keep pushing on those answers, and the next legal and policy battles will likely shape whether prediction markets survive as a novel form of crypto-enabled speculation or are reined in as illicit gambling.