Australians are being warned they risk big losses with no recourse when placing bets on US-based prediction markets. RELATEDNone of the prediction platforms – namely Polymarket and Kalshi – are licensed to operate in Australia. Polymarket is banned by the Australian Communications and Media Authority (ACMA) while Kalshi has self-restricted Australian users due to local gambling laws. However Aussies are reportedly using work-arounds including crypto exchanges to partake in the prediction markets. Today, ASIC's Moneysmart website has published guidance to help Aussies understand the risks of prediction markets.