Polymarket's defense angle is quite interesting; if odds are set by users, it's not considered gambling? Korean regulators probably won't buy that.

Bloomberg reports that South Korea's KCSC is reviewing the prediction market platform Polymarket to determine whether it offers illegal gambling content and whether it violates anti-gambling laws. South Korea has strict restrictions on gambling, allowing only state-approved institutions to operate horse racing, sports betting, and other forms. Polymarket states that odds are determined by market participants themselves and not set by the platform, so it should not be subject to anti-gambling laws. Currently, the platform has multiple prediction markets related to the June local elections.