British Columbia says unregulated prediction markets are illegal
The statement follows new federal guidance excluding these contracts from securities and derivatives regulation.
Canada.- British Columbia’s Independent Gambling Control Office had declared that many activities offered by prediction market platforms constitute unregulated gambling and are therefore illegal in the province. Under current provincial legislation, products based on sports or entertainment outcomes are considered gambling, it said.
The clarification applies to products offered by prediction market platforms including Polymarket and Kalshi. Online gambling in British Columbia is only permitted through PlayNow, the regulated platform operated by the B.C. Lottery Corporation.
The statement follows a joint notice from the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO). The regulators said event contracts based on sports and entertainment outcomes should not be regulated under securities and derivatives legislation. British Columbia’s Gambling Control Office has now clarified that platforms offering sports- and entertainment-based prediction contracts without authorisation could face enforcement under the province’s existing regulatory framework.
