TLDR SABA wants prediction markets treated as illegal until South Africa creates rules for them. The group says these markets carry risks similar to peer-to-peer betting exchanges. More than R700,000 was reportedly bet on Johannesburg’s mayoral race through Polymarket. SABA warns the products could raise risks of match fixing, corruption, and money laundering. No South African law currently licenses or oversees prediction market operators.
The South African Bookmakers Association is pushing back against prediction markets. The group wants the products treated as illegal until lawmakers write clear rules for them.
SABA announced its position on Monday. It said it plans to work against the spread of prediction markets across the country.
The association argues these markets operate without proper oversight. It compares the risks to those seen in peer-to-peer betting exchanges.
What Are Prediction Markets
Prediction markets let people stake money on the outcome of future events. This goes beyond typical sports betting.
People can place wagers on elections, business news, government appointments, entertainment, technology, and economic data. These markets often mix with political and financial events instead of games.
SABA pointed to one example from recent media reports. More than R700,000, or about $41,750, was reportedly placed on the outcome of Johannesburg’s next mayoral race through the platform Polymarket.
The group says this shows how fast these markets are growing into new areas. It believes this growth raises questions that go beyond normal gambling rules.
Integrity and Regulatory Concerns
SABA’s stance is similar to warnings from the International Federation of Horseracing Authorities. That group and others have said letting people profit from losing outcomes can raise the risk of match fixing and spot fixing.
Other risks mentioned include insider activity, corruption, and money laundering. SABA says these risks grow when betting moves from sports to political