Kalshi, a prediction market platform, has now restricted access for users in India, joining 55 other countries on its banned list. This change comes after India’s Ministry of Electronics and Information Technology warned VPN providers not to help users reach blocked betting and prediction sites. The updated members’ agreement, released Wednesday, shows how global regulatory pressure on these platforms is increasing.
This decision comes as governments worldwide are paying more attention to prediction markets, especially those tied to politics, sports, and big public events. Regulators say these products can blur the line between financial tools and gambling.
India is not the only country taking action. Spain, Indonesia, Singapore, Poland, Portugal, Hungary, Ukraine, and Brazil have also restricted or blocked platforms like Kalshi and Polymarket. For example, Spain recently blocked both platforms over gambling concerns, and Indonesia acted against Polymarket after it listed contracts about President Prabowo Subianto’s political future.
Prediction markets have grown rapidly in the last two years. Kalshi and Polymarket are now among the largest platforms, with weekly trading volumes of about $3.7 billion and $3.2 billion. Sports contracts are especially popular, bringing in hundreds of millions of dollars in daily trades.
But as these platforms have grown, they have faced more scrutiny. In the US, lawmakers worry about insider trading and users making money from private information. Concerns grew after reports that a Polymarket trader made over $400,000 on a contract related to the removal of Venezuelan leader Nicolás Maduro.
Legal disputes are increasing as well. Kentucky has sued Kalshi, Polymarket, and related companies, claiming they run unlicensed gambling sites. Other regions are facing similar debates as regulators try to decide if prediction markets are financial exchanges or betting businesses.
India’s addition to Kalshi’s restricted list shows a broader trend. Prediction markets are attracting more users, but they are also facing stricter regulations worldwide.
Kalshi adds India to its list of restricted jurisdictions, after the country’s technology ministry warned that prediction markets platforms were illegal https://t.co/CesiAxhrsS
— Bloomberg (@business) June 23, 2026
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