“The multi-billion-dollar prediction market Polymarket is currently accepting bets on German regional elections later this year, even though using such sites is illegal in Germany.”

“The central gambling authority of Germany's states, the GGL, released a statement last September warning Germans against using platforms like Polymarket.”

“GGL said that while the websites for Polymarket and similar platforms were accessible, sending money to them from a German IP address was not possible, and that the GGL passes on any information about illegal betting to law enforcement authorities.”

“Polymarket currently has active betting markets on its site for the next three German state elections, in Saxony-Anhalt, Berlin and Mecklenburg Western-Pomerania, all of which take place in September, as well as on whether Friedrich Merz will leave office as chancellor before 2027.”

“The Berlin election appears to be the most popular of these bets, with some $3 million (€2.6 million) having been bet on the result already, even though the vote is still several months away.”

“Aggressive betting on the fall of Venezuelan President Nicolás Maduro and the US-Israeli attacks on Iran led to suspicions that opportunistic insiders had taken advantage of their knowledge.”

“It was also reported this week that newly-created accounts on Polymarket had made hundreds of thousands of dollars by betting on a ceasefire between the US and Iran hours before the deal was announced.”