18 South Korean Polymarket Users Referred to Prosecutors; Total Bets Reach $12.7 Million

Eighteen South Koreans who used the U.S. prediction-market platform Polymarket have been referred to prosecutors without detention on gambling charges. It is the first time gambling charges have been applied to Polymarket users in South Korea.

According to data the National Police Agency submitted on September 17 to Democratic Party lawmaker Youn Kun-young, the cyber investigation unit of the Gangwon Provincial Police Agency recently booked 26 domestic Polymarket users and referred 18 of them to prosecutors without detention. The Gangwon police had launched a preliminary probe into domestic Polymarket users in March.

The suspects' cumulative bets totaled 17.6 billion won ($12.7 million). The largest amount wagered by a single person was 5.7 billion won ($4.1 million).

Police consider trading activity on Polymarket to constitute gambling under the criminal code. Under current law, habitual gambling is punishable by up to three years in prison or a fine of up to 20 million won ($14,000).

Polymarket was blocked in South Korea last month. That followed a decision in mid-August by the Korea Communications Standards Commission to block domestic access to the platform. The commission said Polymarket amounted to aiding and abetting gambling, operating a gambling venue under the criminal code, and violating the National Sports Promotion Act.