PlayCity is the State Agency for the Regulation of Gambling and Lotteries. The agency said it restricted access to the Polymarket prediction platform in Ukraine. The agency explained that the platform includes features that match the characteristics of bookmaking activities. As a result, Polymarket is subject to mandatory licensing.
Hennadiy Novikov, head of the state agency, told Interfax-Ukraine that Ukrainian legislation clearly defines the characteristics of gambling. He said that if a platform allows betting on events, regulators classify it as a bookmaking activity. They require the platform to obtain a license to operate.
PlayCity said the approved decision acts as a regulatory measure. It aims to protect Ukrainian users and ensure compliance with the legal framework of the gambling market.
The state agency added that it will restore access to the platform only after the platform operators eliminate the identified violations. The state agency will also restore access once the platform operators enable betting from Ukraine or obtain a license to operate in the country.
The agency also noted that the platform allowed betting on events. It added that users could participate using cryptocurrency. Under Ukrainian law, cryptocurrency is a restricted method of participation in gambling.
The owner of the web resource may submit an application to PlayCity. They can also apply to the National Commission for the NECEC or the State Regulation of Electronic Communications and Postal Services. The application would fully block the possibility for users to participate in betting.
The agency explained that, in such a case, it may allow access exclusively for viewing publicly available information.
Authorities added the Polymarket domain to the public register of restricted internet resources. They took the step because the platform lacked a gambling license. This followed the entry into force of the relevant NCEC resolution, according to reports.
The team behind Polymarket launched the platform in 2020. It lets users place cryptocurrency bets on the outcomes of specific events. These range from politics and sports to popular culture. Peter Thiel’s venture capital fund, Founders Fund, invests in the privately held company.
Forbes Ukraine reports that, as of December 24 last year, around 250 bets linked to Ukraine had settled. The total amount exceeded $270 million. Meanwhile, 120 bets worth more than $140 million remained active.
