Polymarket is making moves to push into the Japanese market, even as the crypto-based prediction platform faces growing regulatory scrutiny in several major countries.
According to a Bloomberg report citing people familiar with the matter, the company has appointed Mike Eidlin to lead its expansion in Japan. For the unaware, Eidlin is currently working as head of Japan at Jupiter, i.e. Solana’s decentralized exchange (DEX) aggregator and comprehensive DeFi app.
According to sources, Polymarket wants to secure official approval to operate in Japan by 2030, viewing the country as a major long-term growth market for prediction platforms. Neither Polymarket nor Eidlin publicly commented on the report.
At present, Japanese users are blocked from accessing Polymarket’s platform. The company currently lists Japan as a restricted jurisdiction due to regulatory and compliance requirements.
One of the strictest markets
Japan is one of the world’s strictest gambling markets. Under the country’s Penal Code, regular gambling activity can lead to imprisonment, while running a gambling business can bring even harsher penalties.
However, public lotteries and state-run horse racing are legal, while the country’s massive pachinko industry has operated for decades through a loophole-like system involving arcade machines and token exchanges rather than direct cash payouts. Many industry watchers now believe Japan could slowly start rethinking parts of its gambling rules in the coming years.
Polymarket’s reported Japan ambitions also come during a period of rapid global expansion for the company, particularly across Asian markets.
Expanding into Asian markets
The New York-based platform has quietly launched a simplified Chinese-language version of its website under a dedicated “/zh” interface, signalling growing interest in Chinese-speaking users worldwide. The rollout reportedly took place around Lunar New Year 2026 and has so far remained relatively low-profile. The platform has live contracts tied to Chinese cultural events and trends.
One contract predicting which robotics companies would appear during China’s 2026 Lunar New Year gala reportedly generated nearly $600,000 in trading volume. The company has also recently returned to the US market after acquiring QCEX, allowing it to launch Polymarket US through a federally regulated structure. Still, the company continues facing growing regulatory pressure internationally.
Trading volume continues to rise
Polymarket’s expansion push also comes at a time when competition in the prediction market sector is rising. The platform reported around $9 billion in trading volume in April 2026, down from $10.57 billion a month earlier. It was the company’s first monthly slowdown since August last year. Meanwhile, rival platform Kalshi continued gaining momentum, with April trading volumes climbing to $14.81 billion.
At the same time, regulators in several countries are taking a much closer look at prediction market platforms, especially sports-related contracts that some authorities believe resemble online betting.
In the United States, state regulators have already challenged parts of the industry, while the Commodity Futures Trading Commission and Department of Justice are reportedly involved in legal disputes connected to state-level restrictions on prediction markets.
Meanwhile, authorities in South Korea are examining whether Polymarket carries content linked to illegal gambling activity. India has already blocked access to the platform, and reports suggest regulators there may soon take similar action against Kalshi.
Right now, governments around the world still cannot fully agree on what prediction markets actually are: financial products, betting platforms or something in between. That is why many in the industry see Japan’s future stance as potentially one of the biggest regulatory decisions for prediction markets in Asia.
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