Overview
- Polymarket and Kalshi now let people in India sign up, add funds, and trade on event bets without a local license.
- India’s technology ministry issued an advisory calling these sites illegal and naming Polymarket, and some internet providers have started blocking access.
- A law called the Promotion and Regulation of Online Gaming Rules took effect May 1 and lawyers say prediction markets fall under its ban on online money games.
- Kalshi says it is taking new Indian customers with identity checks and is in touch with officials, while Polymarket runs on crypto rails without ID checks and relies on geoblocking.
- Both platforms report multi‑billion‑dollar weekly volume and have drawn heavy IPL wagers, and regulators warn that stablecoin payments can help skirt rules and expose users to losses.