Taiwanese police have arrested 17 people for illegally betting on the outcome of the 2024 presidential election online.

According to CNA, over US$5,500 worth of cryptocurrency was confiscated from the bettors who used Polymarket, a decentralized prediction platform that enables users to wager on political, financial and entertainment events.

While Polymarket touts over US$331,000 has already been bet on Taiwan’s upcoming election, the practice directly violates Taiwan’s election laws. Those found guilty of profiting from election betting face up to 5 years in prison and fines nearing US$17,000.

Bets are currently being taken on whether President Tsai Ing-wen’s ruling Democratic Progressive Party (DPP) will retain power. Their candidate, Lai Ching-te, is the odds-on favourite at 78 cents on the dollar.

Opposition party candidates Ko Wen-je of the Taiwan People’s Party and Hou Yu-ih of the Kuomintang trail at 19 cents and 16 cents respectively.

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