What is Polymarket, and Why Are So Many Countries Blocking It?
Many countries around the world began their week by issuing notices to all internet service providers to block the IP address of a cryptocurrency website called Polymarket. But what is Polymarket exactly, and why does it have so many countries running scared?
Whether or not you use the website Polymarket, keep reading to learn more about it and whether you should applaud or boo these recent worldwide impositions.
What is Polymarket?
Polymarket is a decentralized cryptocurrency-based prediction platform built on the Polygon blockchain. Users can use the platform to place monetary “predictions” on various current events.
These “predictions” because they are monetary in nature, are basically futures bets. Individuals can place any amount of cryptocurrency against a variety of real-life events—with offerings going far beyond basic sports bets.
As of the writing of this article, users must deposit USDC or US dollar coin, a stablecoin pinned to the value of the US dollar, to place their bets.
What Type of Bets Can You Make on Polymarket?
Polymarket states that the sky is the limit, with the ability to bet on almost anything you can dream up—from political elections to pop culture events, you can even bet on whether or not the fed will lower the interest rates in the United States.
Currently, the most popular bets on the platform include:
· Super Bowl Champion 2025
· What direction the crypto market will trend in
· Whether Joe Biden will die before January 20th
And these are just the most popular events to place bets on right now. Polymarket is also known for its political bets, which reach an all-time high around election cycles. The platform gained notoriety after the explosion of the Titan submersible, which was an option available for betting in June 2023.
Who Created Polymarket?
Polymarket was founded in 2020 by Shayne Coplan in New York. Later on, the platform accepted significant investments from Vitalik Buterin (the founder of Ethereum) and the venture capital firm run by Peter Thiel called Founders Fund. Currently, both individuals are listed to remain on the board, in addition to J. Christopher Giancarlo—former CFTC commissioner.
Elon Musk is a known supporter of the platform, and he even mentioned it prior to the 2024 Presidential election. It is unclear if he financially supports the company or not. Although Shayne Coplan still resides in the United States, as of 2023, all bets are based offshore as the company is prohibited from operating on United States soil.
Why Do So Many Countries Hate Polymarket?
Betting on the outcome of specific events is 100% considered gambling. As such, many countries consider Polymarket to be an unlicensed gambling operation—leading to bans.
Using Polymarket has been banned in the United States since 2022 (though many Americans still use VPNs to access the site), and Taiwan made it illegal early in January 2025, namely because bets about a Taiwanese election were found on the site. In Taiwan, while betting is legal, betting on political processes is not—hence the urgency of the ban.
Additionally, France, and Singapore, moved to ban the website this past weekend, citing that it was an unlicensed gambling authority. This is quite sad for one known French bettor who was able to rake in over $80 million on the US Presidential Election this past November.
The ban is especially bad in Singapore, where those who break the law and are discovered will face a fine of $7200 and up to 6 months in prison.
Should You Use Polymarket?
Although Polymarket has only been in operation for about 5 years, it seems to be on the up and up. It is clear online who owns it, and although it is banned from operation in several countries, supposedly, it is registered somewhere and operating in a gray area “legally.”
Everyone who has made a bet on the website and won has been able to withdraw their money—so we aren’t worried that this is some sort of scam. That being said, it is a gaming website that balances on a precarious edge—as it isn’t operating 100% legally. We suspect, that in the coming months, more and more countries will seek to ban the platform, especially as countries impose harsh punishments for being caught gambling.
If you do decide to use Polymarket, ensure that it is legal in your country first, and then as you bet, keep in mind that this is still gambling. Therefore, you should go into any bet fully expecting to lose it all. Never bet any money you don’t intend to lose.
Additionally, in November 2024, Coplan’s US home was raided following the US election. Though he was released, it was reported that US authorities are subpoenaing Coinbase to track USDC transactions for the purpose of tracing those within the country who are still using the site despite the ban. For this reason, it is not recommended to access the site if it is banned in your country—even if you have done so in the past using a VPN.
Are There Any Alternatives to Polymarket?
Currently, there are a few alternatives to the Polymarket platform. We recommend the first alternative, which is to head to a sports betting website that is legal in your area. While these platforms may not have the same range of bets as Polymarket, you will likely find similar bets for sports and other public events that you didn’t even know existed—just look in the prop bets section.
Beyond checking your local legal offerings, Polymarket has three main competitors also available on the Polygon blockchain. Keep in mind that we have not vetted any of these platforms and cannot recommend any with confidence—they are simply alternatives that are available.
· Projection Finance
· Wingman
· DexWin
Overall, we think Polymarket was a cool idea (and clearly, the 191,000 annual users did, too!), but we aren’t sure it will be able to weather the most recent bans. So, if you enjoy using Polymarket, due so while you can, but know that a ban in your country may be coming soon.
