Following suspicious betting activity on Polymarket, Irish Minister for Finance Simon Harris instructed officials to thoroughly examine bets placed on the Dublin Central by-election.
An Irish Times investigation found that last month accounts engaged in suspicious betting behaviour, making a series of bets on Gerry Hutch to lose in the by-election.
Concerns were raised by experts, who claimed suspicious betting patterns can indicate illicit behaviour, such as money laundering or market manipulation.
There is no indication that Hutch or any other candidate is involved in the betting.
At the Mansion House in Dublin, Harris told reporters that he has instructed officials to carry out a “deep dive” into the issue and engage with other state bodies, including the Department of Justice, the Gambling Regulator and the Central Bank of Ireland.
Harris stated: “I think there’s two elements, from my perspective, to this. There’s the element of gambling and, therefore, the potential role for the gambling regulator... and then secondly, the potential concern that this is a vehicle that could be used in terms of money-laundering as well.”
He further explained that the Irish Times investigation raised “grave concerns” for him and his department.
On this note, Harris added: “What seems to be developing at a global scale and, indeed, at a rapid pace now is a kind of wild, wild west where people are placing bets in the form of cryptocurrency in a secretive, murky and unregulated manner.
“Protecting consumers and maintaining confidence in the financial system must remain an absolute priority for all of us.”
Criticism of Polymarket and related bets is mounting. In Europe, regulators have taken a strict stance towards prediction markets, with a number of EU authorities ordering operators such as Polymarket to cease trading in their jurisdictions.
Polymarket’s agreement with FC Lazio recently came under scrutiny from Democratic Party MPs in Italy, however, who requested ministers assess whether the deal is compatible with national gambling, advertising and consumer protection rules.
Last month, French authorities launched investigation after someone won a $34,000 Polymarket weather-related bet amid allegations that a temperature sensor at Paris’s Charles de Gaulle Airport may have been tampered with.
Polymarket recently expanded its prediction market offering with new contracts tied to private company milestones, including valuations, IPO timing and secondary-market activity
