India bans online prediction markets
Analysis based on 6 articles · First reported May 18, 2026 · Last updated May 18, 2026
The regulatory ban in India>>> directly impacts the business models and expansion strategies of prediction market platforms like Polymarket>>> and Kalshi>>>. This event creates uncertainty for investors in these companies and highlights the legal risks associated with operating in jurisdictions with evolving online gambling laws.
The government of India>>> has implemented a new law, the Promotion and Regulation of Online Gaming Rules (PROGA), effective May 1, which broadly bans 'online money games'. Despite this, prediction market platforms Polymarket>>> and Kalshi>>> continue to allow customers in India>>> to sign up and trade. The India — Ministry of Electronics and Information Technology>>> issued an advisory on April 25, warning that these platforms are illegal and should be blocked by internet providers, and also cautioned Virtual private network providers about legal action for enabling circumvention. Kalshi>>>'s legal counsel stated they are in communication with the Indian government and will comply with requests, while Polymarket>>> maintains geoblocking measures but does not list India>>> as restricted. Both platforms use stablecoins for deposits, raising concerns for the ministry regarding unlawful betting and financial risks. The India — Securities and Exchange Board of India>>> had previously warned investors about 'opinion trading' platforms lacking investor protection. This situation underscores the willingness of these startups to push legal boundaries for global expansion, similar to Kalshi>>>'s access being blocked in Brazil>>> and ongoing regulatory challenges in the United States>>>.
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