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Australia’s corporate regulator views prediction markets as services closer to gambling than financial investment products, Bloomberg reported.
Sarah Court, chair of the Australian Securities and Investments Commission, said at a parliamentary hearing today that no prediction market operator has so far applied for a license to operate in Australia, and any future application would face strict scrutiny. Court said prediction markets share characteristics with binary options, in which investors can lose their entire stake depending on the outcome, making them difficult to view as financial products suitable for retail investors. Australian authorities had previously warned that users of offshore prediction markets may struggle to receive investor protection under the country’s financial regulations and had ordered access to Polymarket blocked as part of a crackdown on illegal online gambling.