Polymarket Seeks Japan Entry, Targets Regulatory Approval by 2030

Polymarket is seeking to enter Japan, with the global prediction-market platform appointing a local representative and preparing lobbying efforts to win government approval for the business, Bloomberg reported.

The company is pursuing an expansion in Japan with the goal of allowing prediction markets in the country and is targeting approval from the Japanese government by 2030, Bloomberg reported on May 22.

Mike Eidlin is leading Polymarket's Japan business, Bloomberg reported, citing people familiar with the matter. He is currently Japan head for the crypto project Jupiter.

Polymarket is a prediction-market platform that allows users to wager cryptocurrencies on the outcomes of elections, political events and economic developments. Betting functions are currently blocked for users in Japan because of the country's strict gambling regulations.

In its list of restricted jurisdictions, Polymarket says limits on Japanese users are due to "regulatory requirements."

The move is also viewed as part of a strategy to expand its user base as regulatory pressure rises in the US and competition intensifies. Competition with US prediction-market platform Kalshi and other rivals has also been heating up.

Polymarket recorded about $10.3 billion in monthly notional trading volume in April, according to Bloomberg. That was down about 9% from the previous month.

Japan strictly limits cash gambling, though some exceptions are allowed, including the pachinko industry. The country's pachinko and slot-machine market was estimated at about 16 trillion yen, or roughly $100 billion, as of 2024.