Kalshi has officially added India to its list of restricted countries, preventing residents from using its prediction market platform. The move follows growing regulatory action against online prediction markets and comes weeks after Indian authorities blocked access to rival platform Polymarket.
India’s regulatory pressure on prediction market platforms is continuing to grow, with U.S.-based prediction marketplace Kalshi becoming the latest platform to restrict access for Indian users.
According to an updated members’ agreement published on Wednesday, Kalshi has added India to its list of restricted jurisdictions. As a result, people living in India are no longer allowed to access or use the platform. The revised agreement now includes a total of 55 restricted jurisdictions.
The decision follows recent regulatory developments in India that have increasingly targeted prediction market platforms operating from overseas.
India Tightens Rules on Prediction Market Platforms
India’s Ministry of Electronics and Information Technology issued an advisory on April 25 instructing internet service providers (ISPs) and virtual private network (VPN) operators to block access to online betting and prediction market websites that the government considers illegal.
Polymarket was among the first platforms affected by the order, with Indian authorities later blocking access to the website. Officials also warned VPN providers against helping users bypass the restrictions.
At the time, local media reports suggested that Kalshi could also face similar action. Although the platform remained available in India for several weeks after the advisory, the latest policy update confirms that Indian residents are now officially restricted from using the service.
Prediction Markets Classified as Online Money Gaming
Indian regulators have classified prediction market platforms under the Promotion and Regulation of Online Gaming Act 2025 as online money gaming services.
Under the law, platforms that allow users to wager real money on uncertain future events may be treated as prohibited betting services, regardless of how companies describe their products.
Government officials have argued that event-based prediction markets can expose users to gambling-related risks and financial losses. Regulatory documents also identify offshore prediction market platforms as higher-risk services because some of them support cryptocurrency payments and stablecoin settlements.
The latest restriction on Kalshi comes as Indian policymakers continue to examine crypto-related financial services. Officials from both the Ministry of Finance and the Reserve Bank of India have repeatedly raised concerns about capital movement through stablecoins and decentralized finance during discussions surrounding virtual digital asset regulations.
Global Regulators Increase Pressure
India is not the only country increasing scrutiny of prediction markets.
In May, authorities in Spain blocked access to both Kalshi and Polymarket after concluding that the platforms did not comply with local gambling regulations. Indonesia also restricted Polymarket after users traded contracts related to whether President Prabowo Subianto would leave office before completing his term.
Several other countries, including Singapore, Poland, Portugal, Hungary, Ukraine, and Brazil, have also restricted or prohibited access to prediction market platforms such as Kalshi and Polymarket.
The United States has also seen growing regulatory attention. In January, lawmakers introduced legislation aimed at limiting political prediction market trading by government officials after a Polymarket trader reportedly earned more than $400,000 from a contract linked to the possible removal of then-Venezuelan President Nicolás Maduro. Lawmakers cited concerns that insider information could potentially influence market outcomes.
At the state level, Kentucky recently filed a lawsuit against five prediction market operators, including Kalshi and Polymarket, alleging they were operating unlicensed sports betting and gambling services.
Kalshi and Polymarket Continue to Lead the Market
Despite mounting regulatory challenges across multiple countries, Kalshi and Polymarket remain the world’s two largest prediction market platforms by trading activity.
According to Defirate data, Kalshi recorded approximately $3.7 billion in weekly trading volume, while Polymarket processed around $3.2 billion during the same period.
Sports-related contracts continue to dominate trading on both platforms. Defirate reported daily sports trading volumes of $328 million on Kalshi and $196 million on Polymarket, highlighting the strong demand for sports prediction markets even as regulators continue to tighten oversight worldwide.
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