Indonesia has blocked Polymarket prediction platform

The bet was placed on 21 May, a day after the President announced centralized commodity exports

JAKARTA -- Indonesia has blocked prediction market platform Polymarket as part of a crackdown on online gambling, the communications and digital ministry said, days after the site opened betting on whether Prabowo Subianto would leave office before the end of his term.

Gambling is illegal in Indonesia and authorities have continued to tighten oversight of online betting.

Ministry official Alexander Sabar said in a statement on Friday night that Polymarket was classified in Indonesia as an online gambling platform and that its activities contained elements of betting and speculation on uncertain future events, thereby violating Indonesian law.

Polymarket drew attention on Indonesian social media last week after bets appeared on when Prabowo would step down as president. Prabowo's term ends in 2029.

The betting market was launched on 21 May, a day after Prabowo announced major plans to centralise control over exports of Indonesia's key commodities such as coal and palm oil.

Prabowo's administration has this year come under investor scrutiny over its economic policies.

Polymarket did not immediately respond to a Reuters request for comment by email on Monday.

The Indonesian government is also tracing all social media accounts affiliated with Polymarket, ministry official Sabar said.

Prediction platforms such as Polymarket allow users to profit from forecasts on events including sports and elections, in a multi-billion-dollar industry.

Opponents, including several states in the United States, argue that prediction markets are illegal and unlicensed activities under local laws. (YS/LM)