Aussies Bypass Ban, Bet on Middle East Conflicts

0:00Welcome to Sydney News today, two minutes of news that matter to Sydney. Australians are bypassing a ban on polymarket, a New York-based prediction market, to bet on Middle East conflicts using virtual private networks. The site lets users wager cryptocurrency on outcomes like whether Iran's Ayatollah, Ali Kamanay, Lee's office or if United States forces enter Iran. Despite lacking a local license, it saw 1.88 million visits from Australia in the six months ending last June, with popularity, surging worldwide. Meanwhile, polymarket differs from traditional bookmakers because odds come from user bets, not how set lines. It's drawn investors like Donald Trump Jr., and recently got approval to operate in the United States. Australians share tips on forms like Reddit to access it, even asking tax offices how winnings get taxed. The platform has sparked backlash, including death threats to journalists who's reporting sways' bet outcomes.

1:00One times of Israel reporter faced harassment after covering an Iranian missile fragment near Jerusalem, with betters pressuring him to alter facts on, a market holding over $14 million. Polymarket condemned the threats, stressing they harm market integrity. Experts worry about insider trading, given anonymous accounts and no identity checks. Suspicious activity included over $850,000 bet on a United States and Israel strike on Iran the day before it happened, and big wins tied to Venezuela's leader removal. Australian regulators say it's illegal for the site to serve locals, but okay for users to access it offshore. Betting industry leaders criticize weak enforcement, noting no consumer protections or taxes on these war markets, unlike local options. This story is shared with support from our sponsor. No need to switch positions. The sound is already where your head is, solypilo.com.