The Indian central government is taking formal steps to block the world's two largest prediction market platforms, Polymarket and Kalshi. An enforcement order to block Kalshi is expected as early as the end of this week, while the Ministry of Electronics and Information Technology (MeitY) had previously issued an order to block Polymarket.
Notably, both platforms should have ceased providing services to Indian users weeks ago, yet they are still allowing Indian users to register accounts and conduct transactions. The gap between the administrative decision and its actual implementation has prompted the Indian government to expedite the process of issuing an official order. A government official confirmed that the Kalshi blocking order is in its final stages of preparation.
Legal context
India has a history of tightly regulating forms of gambling and highly speculative trading. Prediction market platforms, where users bet on the outcomes of real-world events such as elections, commodity prices, or economic events, are in a legal gray area in many countries and are frequently XEM by regulators due to concerns about online gambling and consumer protection.
