Prediction markets like Polymarket face strict regulation in Australia, as ASIC confirms it has not yet received any operational applications

On October 29, according to Bloomberg, Australian Securities and Investments Commission (ASIC) Chair Sarah Court stated at a parliamentary hearing that the agency has not yet received any applications submitted by prediction market operators. Prediction market platforms such as Polymarket may face strict regulation in Australia, and any operational license applications will also be subject to strict scrutiny.

Sarah Court noted that the trading mechanism of prediction markets is similar to binary options, which have been banned in Australia, and features a win-or-lose outcome. The underlying assets often have no connection to investments or financial markets. Although Australian users can directly access these overseas platforms, they are not protected by local financial regulations and find it difficult to secure dispute resolution and client fund safeguards.