The Irish Government has announced that Gardaí, regulators, and various government departments will investigate suspicious betting activity on the Polymarket platform, particularly surrounding the recent Dublin Central by-election.

Tánaiste Simon Harris expressed serious concerns about the rapid growth of unregulated betting, describing it as a 'Wild West' environment where cryptocurrency is used in a secretive and murky way.

Reports suggest that around one million dollars were wagered on the election, with hundreds of thousands specifically betting against candidate Gerard Hutch.

Harris emphasized that there is no suggestion of wrongdoing by any candidate, but the scale and nature of the bets raise questions about potential money laundering and the influence of foreign participants.

The investigation will involve collaboration between the Department of Justice, An Garda Síochána, the gambling regulator, the Central Bank, EU partners, and other relevant agencies.Harris stressed the importance of protecting consumers and maintaining trust in the financial system.

He also noted that the situation may require reconsideration of regulatory oversight over platforms like Polymarket and emphasized ethical considerations for government officials regarding betting on such platforms.