Polymarket has reportedly appointed a local lead in Japan as it works toward securing legal approval to operate there by 2030. Bloomberg, citing people familiar with the matter, said the prediction market platform sees Japan as a long-term expansion opportunity even though the country remains on its restricted jurisdictions list. On its website, Polymarket says users in Japan are blocked because of “regulatory requirements and compliance with international sanctions.”
The effort is being led by Mike Eidlin, whom Bloomberg identified as Jupiter’s current head of Japan. According to the report, Eidlin has been appointed to oversee Polymarket’s strategy in the country and begin discussions tied to regulatory access. The move comes while the company still faces blocks and restrictions in several markets over gambling rules and financial compliance concerns.
Japan remains a tightly controlled market for betting-related services
Japanese law keeps strict limits on gambling activity. Under the country’s Penal Code, habitual gambling can bring prison terms of up to three years, while operating a gambling business can lead to imprisonment ranging from three months to five years. Government-approved horse racing and public lotteries are exempt under current rules, and pachinko parlors continue to operate through a long-standing legal gray area linked to token exchange systems.
That leaves a narrow path for any prediction market operator trying to enter the country. For now, access to Polymarket remains restricted for users in Japan.
India, Argentina, and other jurisdictions have tightened oversight
Polymarket’s push into Japan is taking shape at a time of heavier scrutiny elsewhere. Earlier on Friday, Indian authorities blocked access to the platform after the Ministry of Electronics and Information Technology directed internet providers and VPN operators to restrict services officials classified as illegal online betting and prediction markets. Local outlet ThePrint said authorities were also preparing similar action against Kalshi, a U.S.-regulated prediction platform overseen by the Commodity Futures Trading Commission.
Regulatory documents tied to India’s Promotion and Regulation of Online Gaming Act 2025 state that platforms allowing users to place money on uncertain outcomes are treated as prohibited betting services. That classification applies even if operators describe the products as forecasting tools or market research venues.
Pressure has appeared in Latin America and Europe as well. Earlier this year, authorities in Argentina ordered internet providers to block Polymarket after a Buenos Aires court found the platform was operating outside the country’s gambling framework. Colombia and Romania imposed similar restrictions last year after classifying the service as unauthorized gambling activity.
U.S. pressure continues while institutional expansion moves ahead
In the United States, parts of the market have also turned more restrictive toward prediction platforms tied to sports contracts. Minnesota recently became the first U.S. state to ban prediction markets, and the CFTC together with the Department of Justice filed a lawsuit earlier this week challenging that legislation.
Even with that pressure, Polymarket has continued building out its institutional business. Earlier this month, it partnered with Nasdaq Private Market to launch prediction markets linked to private-company valuations, IPO timelines, and secondary-market pricing. Under the deal, Nasdaq Private Market acts as the resolution data provider for those contracts using verified transaction data related to private companies.
Reuters previously reported that Polymarket has been exploring a new funding round that could value the company at about $15 billion. In the U.S., the company has also re-entered the market through its acquisition of federally regulated derivatives exchange QCEX. Bloomberg and other outlets have said Polymarket remains in talks with the CFTC as it seeks broader access for its main exchange operations in the country.