Prediction market Kalshi has added India to its list of restricted jurisdictions, according to a members’ agreement document updated on Wednesday.<\/p>\n
The document<\/a> now lists a total of 55 restricted jurisdictions whose residents are blocked from accessing the platform.<\/p>\n India’s Ministry of Electronics and Information Technology warned virtual private network (VPN) providers in April to stop facilitating access to \u201cillegal and blocked online betting and prediction market platforms.\u201d<\/p>\n The development adds to growing regulatory pressure on prediction markets. In May, Spanish authorities blocked<\/a> access to Polymarket and Kalshi over local gambling laws, while Indonesia blocked access to Polymarket<\/a> after the platform listed contracts on whether President Prabowo Subianto would leave office before the end of his term.<\/p>\n Other countries, including Singapore, Poland, Portugal, Hungary, Ukraine and Brazil, have also blocked or prohibited prediction market platforms<\/a> such as Kalshi and Polymarket.<\/p>\n Kalshi updated the members’ agreement document. Source: Kalshi<\/em><\/p>\n Political betting and sports-related event contracts have drawn increased regulatory scrutiny.<\/p>\n In January, US lawmakers proposed legislation aimed at restricting<\/a> political prediction market trading by government officials after a Polymarket user netted over $400,000 on a contract related to the removal of then-Venezuelan President Nicol\u00e1s Maduro, fueling insider trading concerns.<\/p>\n Kentucky was the<\/a> latest state to sue five prediction market platforms, including Kalshi and Polymarket, accusing them of \u201coperating unlicensed and illegal sports betting and gambling platforms,\u201d as Cointelegraph reported on Thursday.<\/p>\n Related: <\/strong><\/em>Kalshi in early IPO talks with investment banks: Report<\/strong><\/em><\/a><\/p>\n Kalshi and Polymarket are two of the largest prediction market platforms, with $3.7 billion and $3.2 billion in weekly trading volume, respectively.<\/p>\n Kalshi and Polymarket, key stats, top categories. Source: Defirate.com\u00a0<\/em><\/p>\n Sports betting was the largest category on both platforms, accounting for $328 million in daily volume for Kalshi and $196 million for Polymarket, according<\/a> to data from Defirate.<\/p>\nPrediction markets face scrutiny over sports and political contracts<\/h2>\n
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