A cryptocurrency-based prediction platform that has been blocked in Singapore since late 2024 has seen a surge in Singapore-related betting activity in recent weeks, as reported by The Straits Times.
Checks found that Polymarket, which allows users to wager on the outcomes of future events, recorded average daily bets exceeding US$100,000 in April on markets tied to Singapore’s daily temperatures. On April 17 alone, nearly US$125,000 had been wagered by 8pm, with most participants betting that the temperature would reach 33°C. Winning bettors receive payouts in cryptocurrency, credited daily.
Although Polymarket’s website states that users in Singapore are restricted from placing bets due to geographic and regulatory controls, access remains possible through alternative means. The platform blocks accounts from 33 jurisdictions, including Singapore, but transactions are conducted via cryptocurrency wallets, making it difficult to verify user identities.
Singapore-related wagers previously featured on the platform include the Formula One Singapore Grand Prix, the 2023 Presidential Election and the upcoming 2025 General Election, which reportedly attracted close to US$720,000 in bets.
Authorities reiterated that Singapore Pools is the only licensed operator permitted to offer remote gambling services locally. Any other platform allowing users to wager on event outcomes is considered unlawful under the Gambling Control Act.
Officials noted that more than 3,800 illegal gambling websites have been blocked and over 145,000 illegal transactions totaling about S$37m were prevented as of December 31, 2024.
Individuals who deliberately bypass blocking measures may face fines of up to S$10,000 (US$7,862), jail of up to six months, or both
