Australia’s corporate watchdog, ASIC, has issued a strong warning against illegal offshore prediction markets that allow users to bet on the outcomes of real-world events such as elections, wars, weather and financial decisions.
These platforms, including popular overseas operators, are not licensed to operate in Australia and provide no legal consumer protections.
ASIC says Australians using these services risk losing their money, particularly as some users may have access to insider information that creates an unfair trading advantage.
The warning comes as prediction markets continue to grow globally, attracting billions of dollars in wagers despite increasing regulatory scrutiny.
ASIC has confirmed that no prediction market is currently licensed in Australia and urged consumers to avoid these platforms.
The regulator is encouraging Australians to use only licensed financial and gambling services that comply with Australian law.
