Polymarket bets on Dublin Central by-election causing 'grave concerns' – Tánaiste

Simon Harris promised a deep dive into the 'wild west' of online betting markets that he said were 'secretive, murky, and unregulated' 

Tánaiste and finance minister Simon Harris at Government Buildings on Tuesday. He made his comments about Polymarket betting on Irish elections at the Banking and Payments Federation annual conference. Picture: Brian Lawless/PA

The Government has “very grave concerns” at suspicious bets being placed on the election results in the Dublin Central by-election on prediction market Polymarket, the Tánaiste has said.

Simon Harris said the Government would undertake a “deep dive” into Polymarket and the bets on the by-elections.

On Tuesday,  over €930,000 was wagered on the by-election, with almost half of that being bet on Gerard ‘The Monk’ Hutch to either win or lose.

Win or lose 

The Irish Examiner first reported the huge level of betting on the by-election, with an Irish Times investigation subsequently raising concerns about suspicious bets being placed on Mr Hutch to lose.

Speaking at the Banking and Payments Federation annual conference, Mr Harris raised concerns about the use of prediction markets.

'Wild west' of online gambling

“What seems to now be developing at a global scale, and indeed a rapid pace now, is a kind of wild, wild west where people are placing bets in the form of a cryptocurrency, which is secretive, murky and in an unregulated manner,” Mr Harris said.

“I've asked my officials to now carry a deep dive analysis into this area, and to engage with the Department of Justice, An Garda Síochána, the Gambling Regulator, the Central Bank, and our EU partners, as we consider an appropriate policy response.”

Mr Harris said it is a “relatively new issue”, adding there is a role for both the Gambling Regulator and the Department of Finance who oversee anti-money laundering efforts.

“Technology is evolving really fast. Are regulations, are anti-money laundering directives evolving fast enough to keep pace?” Mr Harris said.

Other EU states banned Polymarket

The Tánaiste cited the response of other EU countries, where they have banned access to Polymarket, but said a decision on such a restriction would not be made today.

Mr Harris said he didn’t want to say anything to “cut across due process” but added: "One does have to ask themselves, why are so many people from potentially outside our jurisdiction interested in using Polymarket in relation to the Dublin Central by-election? That question merits consideration,” Mr Harris said.

Mr Harris said he could not rule out activity on Polymarket that is not “kosher”, adding that it would be “imprudent” not to explore the issue.

The finance minister said he has not yet spoken directly to justice minister Jim O’Callaghan about the issue, but officials have been engaging.

Asked about alleged insider trading on Polymarket in the US and whether Ireland should restrict civil servants from using the platform, Mr Harris said it “merits consideration”.

• Tadgh McNally, Political Reporter