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South Korean lawyers warn prediction-market traders could face gambling prosecution

Regulation

Lawyers warned that South Koreans trading prediction-market contracts could face prosecution under gambling laws after a Polymarket user reportedly won $160,000 on the Seoul mayoral election. Legal experts told a newspaper that prosecutors would need to establish that such trading amounts to gambling; a conviction could carry a fine of up to 10 million won.

The reported legal uncertainty could affect South Korean residents using overseas prediction markets.

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Regulation

US election leaves prediction market legal disputes before courts

The US mid-term election brought Democrats control of the House and Senate, while state regulators and prediction-market operators continue to dispute the legality of sports event contracts. New Jersey Attorney General Jennifer Davenport asked the Supreme Court in September to review whether federal law prevents states from regulating those contracts; a law professor quoted in the report said he expects the court to hear the challenge.

New Jersey Atty. Gen. Jennifer Davenport petitioned the Supreme Court in September to consider whether states may regulate sports offerings on prediction markets. Democrats took control of both the House and the Senate in the mid-term election.

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