The Indonesian government has banned the prediction market platform Polymarket on the grounds of illegal online gambling

According to Reuters, Indonesia's Ministry of Communication and Information Technology has recently banned the prediction market platform Polymarket, deeming it a form of online gambling platform for offering "bets and speculation on events that have not yet concluded," which violates local laws.

Previously, Polymarket launched a betting market on when President Prabowo Subianto would "step down as president," while his term was originally set to last until 2029. This contract went live the day after Prabowo announced plans to centralize control over the export of commodities such as coal and palm oil, sparking discussions on local social media. Indonesian authorities also stated that they are investigating all social media accounts related to Polymarket.