Polymarket, a blockchain-based prediction market platform, allows users to trade binary markets on outcomes like elections, economic events, or entertainment using USDC on Polygon. Launched in 2020, it was fined $1.4 million by the U.S. Commodity Futures Trading Commission (CFTC) in January 2022 for offering unregistered binary options; U.S. users were subsequently geo-blocked as part of the settlement.
Since then, regulators in France, Poland, Singapore, Taiwan, and Belgium have enacted restrictions or initiated investigations—citing unlicensed operations under gambling or derivatives laws. Polymarket’s Terms of Use (June 2025) list over two dozen restricted jurisdictions; India is not one of them.
Polymarket is Accessible in India
Live tests using Indian IP addresses confirm that the platform is accessible without VPNs. There are no known blocks by Indian telecom authorities. There are currently no actions or advisories from the Ministry of Electronics and Information Technology (MeitY), RBI, or SEBI. Polymarket does not appear on any government blacklists of gambling or crypto sites.
India lacks laws specific to prediction markets. The Public Gambling Act of 1867 prohibits running or visiting unlicensed gambling venues, but does not define or regulate online or blockchain-based platforms. Gambling laws are also state-specific. Courts have permitted games that predominantly involve skill—like fantasy sports and rummy—while banning chance-based games.
Indian law permits crypto trading and applies a 30% flat tax on gains and 1% TDS under VDA rules. But tax rules do not imply regulatory recognition or authorization for platforms.
A recent report by Finshots describes prediction markets in India as existing in “a legal grey zone, with no official rulebook or dedicated regulator”. It notes that platforms try to self-regulate but face inconsistent rules and marketing practices.
The Advertising Standards Council of India (ASCI), in a June 2025 whitepaper, stated:
Opinion trading does not fall within regulatory purview of SEBI, as what is traded is not security.
No Active Ban—But Enforcement Remains Possible
India has previously blocked offshore betting and initiated investigations into crypto platforms. Indian authorities blocked several offshore gambling sites at the ISP level in 2022 after receiving ministry directives. In 2023, the Enforcement Directorate (ED) probed crypto exchanges facilitating cross-border gambling payments.
These precedents suggest that Polymarket, though accessible now, could be subject to India’s enforcement actions without new legislation—as soon as regulators decide to act.
As of June 2025, India has not banned Polymarket for use by its citizens. The site remains accessible from Indian IP addresses, with no public regulatory notices or restrictions. Still, its operations fall into a legal grey zone due to a lack of regulatory clarity on prediction markets under Indian law.
