- Polymarket is preparing to lobby for authorization of prediction markets in Japan, aiming for approval by 2030.
- Japan’s strict gambling laws permit betting only on select activities like horse racing, with violations carrying fines and potential prison sentences.
- Despite being restricted in Japan, Polymarket already has a Japan-focused X account with over 53,000 followers.
- The platform’s monthly notional trading volume fell nearly 15% in April amid global regulatory pressure and competition from rival Kalshi.
- India is among the latest jurisdictions reportedly preparing to restrict access to prediction markets.
Bloomberg reported Friday that global prediction market platform Polymarket is seeking entry into Japan, appointing Mike Eidlin to lead its local efforts. The company is targeting government approval by 2030, viewing Japan as a major untapped opportunity.
However, Japan has strict laws around online gambling, permitting betting only on select government-authorized activities. Authorities have stepped up scrutiny, with violations linked to online casino use carrying fines of up to $3,400 and potential prison sentences.
Despite the regulatory hurdle, Polymarket said it has seen “meaningful organic interest from users” in the country. Consequently, the platform already maintains a Japan-focused X account with more than 53,000 followers.
Meanwhile, Polymarket‘s trading activity has come under pressure amid rising global scrutiny and competition. Data shows its monthly notional trading volume fell nearly 15% in April, while rival Kalshi saw an increase.
Furthermore, access to Polymarket is increasingly restricted globally. India is among the latest jurisdictions moving to restrict such platforms, with authorities reportedly preparing blocking orders.
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