Gambling is illegal in Indonesia and authorities have been clamping down on online wagering
Ministry of Communication and Digital Affairs official Alexander Sabar said Polymarket was classified by Indonesia as an online gambling platform and its activities "contain betting and speculation over events that are inconclusive," therefore violating Indonesian law.
Polymarket attracted attention on social media in Indonesia last week after a bet opened on when Prabowo would be "out as president".
His term expires in 2029.
The wager was launched on May 21, the day after Prabowo announced a major plan to centralise control of Indonesia's most prized commodity exports, such as coal and palm oil.
Prabowo's administration has been under scrutiny from investors this year over its economic policy.
Indonesia's government was combing over all social media accounts affiliated with Polymarket, ministry official Sabar said.
The official said the decision was aimed at protecting the public, whom it urged "not to access or engage in speculative activities based on digital betting".
"Activities like Polymarket's involve financial betting and speculation on events with uncertain outcomes, thus violating applicable Indonesian law," the statement added.
The website maintains the bet titled "Prabowo Subianto out as President of Indonesia by...?", which has opened the door to speculation, some of which point to May 31, June 30 or December 31 of this year.
Prediction platforms such as Polymarket allow users to profit from predictions on events such as sports and elections, in what is a multibillion-dollar industry.
Some opponents, including some US states, have argued prediction markets are illegal and unlicensed under their local laws.
At the end of April, the Brazilian government announced the blocking of prediction market platforms with bets on politics, culture and climate, such as Polymarket, which it considered "illegal" for not complying with current legislation.
with EFE
