South Korean regulators are investigating whether Polymarket violated anti-gambling laws.

According to a Bloomberg report on May 22, the Korea Communications Standards Commission (KCSC) has officially launched an investigation into the prediction market platform Polymarket to determine whether it provides illegal gambling content, thereby violating South Korea's anti-gambling law. Current South Korean law strictly restricts gambling activities, allowing only state-approved institutions to operate activities such as horse racing and sports betting. Polymarket argues that the odds on its platform are determined by market participants through buying and selling contracts, not by the platform itself, and therefore should not fall under the scope of the anti-gambling law. It is worth noting that South Korea will hold local elections in June this year, and several prediction markets related to the election results are currently operating on Polymarket.