Australia prediction markets face licensing hurdle under gambling rules
Australia has yet to receive any formal bid from a prediction market operator seeking to enter the country under its financial services regime. The absence of applications leaves untested whether such platforms could qualify for oversight by the corporate regulator rather than fall under tougher gambling regulation.
Highlights
- The Australian Securities and Investments Commission has not received any applications from prediction market providers for a financial services license.
- ASIC chair Sarah Court stated that any license application for prediction markets would face a stringent assessment process.
- The absence of applications indicates operators are deterred by the likelihood of prediction markets being regulated under gambling rather than financial market rules in Australia.
Regulatory path remains untested
As reported by Bloomberg, the Australian Securities and Investments Commission has not received a single application from a prediction market provider to operate in the country under its financial services licensing framework.Sarah Court, chair of ASIC, says during a parliamentary hearing on Thursday that an application would allow the regulator to assess whether prediction markets are suitable for that regime. She adds that any such bid would face a high bar to clear.
Implications for market entry
The lack of applications suggests prediction market operators are so far avoiding a jurisdiction where their products would likely be assessed under gambling rules rather than financial market regulations.That regulatory distinction matters for companies weighing expansion into Australia, because treatment as a gambling product can create a more restrictive operating environment and raise the compliance burden for market entry.
In our earlier article on Menara Asia’s Menarabena platform, we covered how the construction sector in Malaysia is using digital tools to connect contractors with building material suppliers while centralising certification, documentation, and compliance information. We also outlined how cooperation with CIDB-related entities aims to speed up approvals and ensure imported products meet required standards, supporting a more efficient and transparent supply chain without replacing existing regulatory certifications.
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