MeitY weighs action against prediction market apps Kalshi, Polymarket amid spike in election betting
India's Ministry of Electronics and Information Technology is considering action against prediction market apps Kalshi and Polymarket due to a surge in election betting. The government is facing challenges in enforcing regulations due to VPN access and payment channels.
India's Ministry of Electronics and Information Technology (MeitY) is weighing action against prediction market apps Kalshi and Polymarket amid a spike in election betting. The government has flagged VPN access and payment channels as major enforcement challenges, describing it as a “whack-a-mole” problem. MeitY is concerned about the increasing use of these platforms for election betting. The ministry is exploring ways to regulate or ban these apps. The issue highlights the difficulties faced by regulators in controlling online activities. The government's efforts to address this issue are ongoing.
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