India has ordered the blocking of prediction market platforms Polymarket and Kalshi, classifying them as illegal online betting services under the country’s new online gaming law. The Ministry of Electronics and Information Technology issued a cease-and-desist order against Polymarket, a decentralized platform that allows users to bet on real-world events using cryptocurrency.
Authorities determined that such platforms fall under stringent anti-gambling regulations, as they enable wagering on events like cricket matches and politics. This marks a significant shift, treating prediction markets as gambling rather than legitimate forecasting tools. The Indian government also announced that similar measures will be taken against Kalshi in the near future, signaling a coordinated effort to shut down access to all such services within its jurisdiction.
The move has broader implications for crypto-linked prediction markets, with critics arguing that restrictions could stifle innovation in emerging financial technologies. For Indian users, the block means they can no longer participate in Polymarket contracts, which were often settled in USDC or other cryptocurrencies. The decision also highlights the ongoing tension between decentralized finance (DeFi) platforms and traditional legal frameworks, especially in jurisdictions with strict gambling laws. Polymarket has not publicly commented on the block at the time of writing.
