Prediction markets Kalshi and Polymarket are still allowing users in India to sign up and trade even after the country's technology watchdog warned that the venues are illegal.
India's Ministry of Electronics and Information Technology sent an April 25 advisory saying users were accessing "illegal and blocked prediction market and online betting platforms" despite domestic bans, Bloomberg has learned.
The advisory specifically mentioned "Polymarket and a few other similar sites" and told internet providers they were supposed to cut off access.
The letter was addressed to VPN providers, which the ministry said were being used to get around restrictions.
- Kalshi's legal counsel Valeria Vouterakou told Bloomberg that the platform has been in contact with the Indian government and hasn't been told to shut down.
- A spokesperson for Polymarket told Bloomberg it is "committed to complying with applicable laws and regulations" and maintains geoblocking where its services aren't permitted.
- Indian legal experts quoted by Bloomberg said the new law makes the India issue more clear-cut. Jay Sayta, a Mumbai-based technology and gaming lawyer, said "Polymarket, Kalshi and other prediction markets would obviously fall under online money games under PROGA, and therefore there is a blanket ban."