Kalshi, Polymarket Defy India Ban on Online Betting Platforms

Polymarket and Kalshi Inc. have been allowing customers in India to sign up and trade on their prediction markets even after the country’s technology ministry warned that the platforms are illegal.

India’s Ministry of Electronics and Information Technology said in a letter last month that users are accessing “illegal and blocked prediction market and online betting platforms,” despite “domestic prohibitions.” The advisory, posted on the ministry’s website, pointed specifically to “Polymarket and a few other similar sites,” which it said are supposed to be cut off by internet providers.

The letter, which was dated April 25, was addressed ...