India to formally block Kalshi, Polymarket prediction markets
India is expected to formally block prediction market platforms Kalshi and Polymarket, in a fresh crackdown on offshore prediction market operators that remain accessible despite India’s online gaming ban.
According to a report by Indian newspaper The Print, the Ministry of Electronics and Information Technology (MeitY) could issue a blocking order against Kalshi as early as 22 May, weeks after the platform was expected to become inaccessible in India due to regulatory restrictions. The move follows a similar action already taken against rival prediction market platform Polymarket. “We have already issued a blocking order to Polymarket and are in the process of issuing an order to Kalshi as soon as Friday,” a MeitY official told ThePrint.
Prediction market platforms such as Kalshi and Polymarket allow users to place bets on event outcomes ranging from sports matches and elections to geopolitical developments and economic events. Indian regulators have increasingly viewed such event-based contracts as falling under prohibited online money gaming activities.
Despite earlier warnings from Indian authorities, Kalshi and Polymarket have continued to accept Indian users. SiGMA News independently verified that users in India were still able to access and create accounts on Kalshi and Polymarket, despite MeitY advisories warning against “illegal and blocked prediction market and online betting platforms.” India’s technology ministry had specifically flagged Polymarket and “other similar sites” in a regulatory advisory.
India warns VPN providers over prediction market access
Indian authorities have also warned virtual private network (VPN) providers against enabling users to bypass restrictions on blocked prediction market and betting platforms. In a letter dated 25 April, MeitY warned VPN service providers that they could face “consequential legal action” if they continued facilitating access to prediction market platforms such as Kalshi and Polymarket.
The Indian government is moving to block Kalshi and Polymarket, labeling them “illegal” under new rules.
— hitman42.eth (@ihitman42) May 22, 2026
Despite the crackdown warnings, trading volume is absolutely exploding.
Bloomberg reports the platforms are still onboarding Indian users because the cricket liquidity is… pic.twitter.com/k1USpttTCO
While some Indian internet service providers have already blocked access to Polymarket, users have continued to bypass restrictions by using VPNs and Domain Name System (DNS) modifications. Kalshi’s legal counsel told Bloomberg that the company is still in touch with Indian authorities and has not been told to stop operations. A Polymarket spokesperson also stated that the platform is focused on following the relevant laws in different regions and uses geoblocking when needed. India is not currently on Polymarket’s restricted-country list.
Kalshi ban tied to India’s online gaming rules
The crackdown stems from India’s Promotion and Regulation of Online Gaming Rules (PROGA). PROGA is India’s nationwide regulatory framework that prohibits online money games involving real-money stakes. Indian officials have said games involving monetary wagers fall under prohibited categories and cannot legally operate in the country. The law has already disrupted India’s domestic real-money gaming (RMG) industry, forcing major operators such as Dream11, WinZO, Zupee, PokerBaazi and Games24x7 to suspend or scale back real-money operations.
Offshore betting use rises after India ban
A survey by public policy think tank CUTS International found that offshore betting platform usage rose sharply after India’s prohibition on online real-money games took effect. According to the survey, offshore betting usage increased from 68.3 percent to 82 percent after implementation of the law, while daily use surged from 3.4 percent to 42 percent. The findings also showed users were spending more time and money on offshore betting and prediction market platforms despite the restrictions.
The report suggests India’s crackdown may be pushing users toward foreign betting and prediction market operators rather than fully eliminating speculative gaming activity.
IPL betting drives Indian prediction market activity
The global prediction market industry continues expanding rapidly, with investment firm Bernstein projecting annual prediction market trading volumes could reach $1 trillion by 2030. Meanwhile, cricket has emerged as a major driver of India-linked prediction market activity, with Indian Premier League (IPL) contracts reportedly generating significant trading volumes on Kalshi. IPL-related contracts have approached nearly half the weekly trading volume generated by US Major League Baseball contracts on Kalshi since the current IPL season began.
Indian regulators have raised concerns about investor protection, gambling risks, and the legal status of event-based trading products. Even before PROGA took effect. The Securities and Exchange Board of India (SEBI) warned that “opinion trading” products had no investor safeguards and operated without regulatory oversight. Earlier this year, Polymarket hosted real-money markets linked to India’s 2026 state assembly election outcomes.
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