‘We’re concerned’: US-based prediction markets taking bets on Australian elections and Albanese’s word choices
Summary
US-based prediction market websites are allowing bets on Australian elections and events related to Prime Minister Anthony Albanese, despite not being licensed in Australia. Australian regulators are watching closely as these sites are accessed by Australians using VPNs, raising concerns about gambling risks and lack of oversight.Key Facts
- Prediction markets like Kalshi and Polymarket let users buy shares in outcomes of events, including political and cultural topics.
- These platforms are not approved or licensed in Australia, and their Australian users access them via VPNs.
- The Australian government blocked Polymarket in 2025 for offering gambling services without a license.
- Australians have traded large sums on these sites, including bets on election results and words spoken by Prime Minister Albanese.
- Gambling harm experts worry these markets can be easily manipulated and that current laws don’t cover them well.
- Both Kalshi and Polymarket have hosted markets on Australian economic figures, political events, and government decisions.
- Australian regulators and gambling reform groups are concerned about the rapid rise of these unregulated markets.
- The government plans to expand regulatory powers to better cover and control online gambling platforms.
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