Tánaiste and Minister for Finance Simon Harris has instructed his officials to do a “deep dive” into the placing of bets on the Dublin Central byelection by accounts engaged in highly suspicious betting behaviour on the gambling platform Polymarket.
An Irish Times investigation published on Monday found that over the course of a week in April, accounts engaged in suspicious betting behaviour making a series of bets on Gerry Hutch, the gangland figure known as ‘The Monk’, to lose in the byelection, which takes place on Friday.
Experts said these betting patterns can indicate illicit behaviour, such as money laundering, market manipulation, or attempts to make a betting market appear more active than it is. There is no suggestion that Hutch or any other candidate is involved in the betting.
On Tuesday, Harris told reporters at the Mansion House in Dublin that he has now instructed his officials to do a “deep dive” into the issue and liaise with other State bodies, including the Department of Justice, the Gambling Regulator and the Central Bank of Ireland.
READ MORE
“This is a relatively new and emerging issue,” the Fine Gael leader said.
“I think there’s two elements, from my perspective, to this. There’s the element of gambling and, therefore, the potential role for the gambling regulator [ ...] and then secondly, the potential concern that this is a vehicle that could be used in terms of money-laundering as well.”
Harris said: “Today, I’m not making any kind of policy decisions on that, other than to say it certainly merits a detailed policy response.”
The Tánaiste was speaking to reporters after delivering the keynote closing address at the Banking and Payments Federation of Ireland (BPFI) National Banking Conference in the Mansion House.
[ Investigation: Suspicious betting on Gerry Hutch in Dublin Central byelectionOpens in new window ]
Harris told attendees, including representatives of the main Irish retail banks, that the issues identified by The Irish Times investigation raised “grave concerns” for him and his department.
“What seems to be developing at a global scale and, indeed, at a rapid pace now is a kind of wild, wild west where people are placing bets in the form of cryptocurrency in a secretive, murky and unregulated manner,” he said.
“Protecting consumers and maintaining confidence in the financial system must remain an absolute priority for all of us.”
Polymarket allows users to bet on a wide range of geopolitical events.
The New York Times reported this week that some betting patterns on particular, highly specific events, including the announcement by US president Donald Trump of a ceasefire with Iran, exhibited some characteristics of insider trading.
Asked whether Irish Government officials have been warned not to bet on events using the platform, Harris said: “Not that I’m aware of – is the truthful answer.”
However, he said: “It certainly merits consideration. People should always be ethical in life.”
