Prediction markets have really come to the fore over the last couple of years, and Polymarket is one of the biggest names in that space. This review will break down all of the key information you need to know about this platform ahead of its relaunch in the United States. The site has been unavailable in the US since 2022, and many traders are eagerly awaiting its return.
We will explain how to use it properly, how the platform works, and how you can start participating in various markets. You will need a crypto wallet to use Polymarket, and when it becomes available again, you will have access to a wide range of markets at low fees.
What Users Are Saying About Polymarket
| Positive Feedback | Negative Feedback |
|---|---|
| Really good prices | They change the rules by adding “context” that makes the big players win |
| Fast/instant pay outs on crypto | I have been unable to withdraw for months and nothing had been done to resolve the problem |
| Navigating the platform is easy thanks to its clear layout, and there’s a wide variety of subjects available | The statistics you are betting on are not up to date and they will change them after the bet has completed |
| The variety of markets keeps me engaged, and I appreciate the real-time updates | Polymarket manipulates markets and propose resolutions that are contrary to the reality |
What is Polymarket?
Polymarket is a platform that allows users to make predictions on real-world events in a fully transparent environment. The site was founded in 2020, but went offline in 2022 following a settlement with the Commodity Futures Trading Commission. It is currently in the Beta stage, waiting for a relaunch, although no official timing has been given.
When it does come back online, though, traders will have access to multiple markets, including sports markets. Most of the events offer ample liquidity, allowing you to achieve the desired value, along with a user-friendly interface that creates a very pleasant experience.
One of the biggest benefits of using Polymarket is its blockchain technology, which ensures that all markets are transparent, fair, and won’t change over time. There are no regulators or overseeing bodies, just unfiltered market trends. It is the type of site that favors people who want to back their judgment with money.
How Does Polymarket Work?
When Ploymarket becomes available again, you will be able to explore numerous markets in politics, sports, and current events. The really unique thing about prediction sites is that these markets are created by traders who buy and sell contracts to each other. The contracts are backed by liquidity, so the buyers and sellers of the contracts are financing the market. The more liquidity there is, the more robust the market is. Higher liquidity also increases the chance of you finding the price you want as probabilities change in real-time.
To get started on Ploymarket, you will need a cryptocurrency wallet and USDC, which is a ‘stablecoin’ that is backed by the US dollar. You can get crypto wallets via different exchanges, which also provide USDC coins that can be purchased and sold for cash. You can’t use cash directly on the Polymarket site, because every contract exists on its blockchain rather than on the site itself.
If you are a regular user of crypto, all of this won’t be a problem. If you haven’t used it before, though, this process may put you off. If you want a more traditional feel, prediction sites like Kalshi will be more suitable.
Polymarket has received CTFC approval to re-enter the US market, and it is expected to be available again for US traders imminently.
Key Features of Polymarket
Polymarket offers you a new way to enjoy betting on sports. It has recently been given the go-ahead to relaunch in the United States after a few years away. It would be unsurprising if there are not ongoing legal challenges, so make sure you look out for decisions made by local courts and jurisdictions.
Regarding features, Polymarket is more flexible than other sports prediction sites like Kalshi, as it offers point spreads and totals, and not just win and loss outcomes. You can bet on the NFL, college football, the MLB, NHL, and other major sports leagues. Polymarket allows you to monitor where the money is going as an event draws closer, which is very helpful, and you can also trade during events.
Prediction markets such as Polymarket have introduced a whole new way of forecasting events, and they are becoming increasingly attractive for sports bettors.
How To Sign Up At Polymarket
Although this prediction site is different from a traditional sportsbook, the sign up process is just as simple. Follow the steps below to begin:
- Enter your email address to continue.
- You must have a cryptocurrency wallet linked to your account to buy and sell contracts. Polymarket provides you with an easy way to do that once your account has been created. However, if you don’t have a crypto wallet, you must get one before you register.
- After the wallet has been linked, you must have a supply of USDC. This can be purchased on numerous crypto exchanges, such as Coinbase.
- Once you have purchased the USDC, check out Polymarket’s markets and look for a contract you want. Click on one you are interested in, and you will be taken to a graph that tracks the prices over time, so you can access the trends in real-time.
- Carefully read the liquidity, potential payouts, and the rules. If you are happy, you can buy your first contract.
If your contract is closed successfully, your wallet will be credited with the profits, which can be cashed out at your discretion.
Market Coverage
One of the reasons Polymarket is so popular is the range of markets it has available. One of the most prominent is sports, from individual matches to full-season awards like the MVP. You can enter contracts on players, teams, and special events on major and niche sports. There are options for everyone. If you are looking for a contract that is mainstream or something more quirky, Polymarket will have it.
This platform doesn’t just stop at sports, either. If you like to keep track of the goings on in the political world, there are plenty of things to keep up with during election races. You can also look at contracts for movies and awards. Polymarket even had a market for whether it would relaunch in the US this year.
Polymarket Fees
Polymarket doesn’t charge a fee to buy or sell a contract on any market, which is different from other operators. The same applies to deposits and withdrawals on the platforms.
Because of the way the site works, Polymarket does not have any deposit or withdrawal fees. Those transactions and done via your crypto wallet and the exchange you used to purchase USDC. Those exchanges may charge for deposits or withdrawals, so make sure you check that before choosing one.
The fees relating to deposits and withdrawals in the crypto world as known as gas fees, which are charged for using Polymarket’s blockchain network. To pay for these fees, traders must get hold of MATIC tokens, which are then placed in a crypto wallet. The good news is these fees are small, nothing more than a cent; just be aware you need a couple of MATIC tokens in your wallet.
We understand all this jargon around crypto may seem a bit complicated, and no doubt some won’t want to use cryptocurrency. However, after going through the process a few times, it will become second nature. There is a little bit of a learning curve at first, but you soon pick it up.
How Polymarket Trading Contract Works
The prediction market model relies on interest at both ends of a contract. Someone buys a contract at a specific price, and someone ‘fills’ the order, or agrees to fulfil that contract at the specified price. This means market liquidity and fairness are ensured on both sides of the agreement.
If there is insufficient liquidity in a market, a difference in price from what was initially expected is possible. If your order is not filled at its set price, it may then be filled at a different price that guarantees liquidity in the market. This would be entered by a trader ‘filling’ the order, likely at a lower price.
Slippage can occur when new information comes to light that alters the probability of an outcome. For example, if you a buying a sports contract on the Kansas City Chiefs winning their next 3 games, but Patrick Mahomes picks up a bad injury, prices will change instantly.
If an outcome has a designation of ‘correct’ in a smart contract, the buyer of the contract is paid out. If it does not have a ‘correct’ designation, then the investment is unsuccessful, and the trader selling the contract is paid out. For sports markets, sites for major leagues like the NFL and NBA act as the official stats and data sources, and contracts are paid based on the results listed on those sites.
Always read the terms and conditions before entering a market contract. Some markets have strict limits on contract sizes, while others may use different sources for their information. Additionally, read up on how you can dispute an outcome if you encounter any issues with your contract.
Banking
As we have mentioned in this review, Polymarket only deals in cryptocurrency, specifically the USDC stablecoin. The coin is linked to the US dollar in value, and you can purchase this at several notable exchanges.
During the sign-up process, you can link your crypto wallet to Polymarket. The Polymarket website states that it supports wallets from WalletConnect, Coinbase Wallet, and MetaMask. MetaMask has also signed a deal with Polymarket that will incorporate Polymarket content into its mobile app.
Polymarket recommends depositing or withdrawing directly to the Polygon network for faster and fee-free transactions. It is worth checking your exchange to see if it qualifies.
There is no minimum deposit on Polymarket, so you can enter contracts for under 1 USDC. If you want to make a large deposit, Polymarket suggests using a third-party, such as Across, Portal, or deBridge. These may charge fees, so check the terms and conditions.
Deposits are processed within minutes, and withdrawals are also fast, turning up in your crypto wallet usually within a few hours.
Our Verdict
If you are looking for an established prediction market that has a wide range of sports markets and is easy to use, then Polymarket is one of the best options out there. It is easy to see why this is considered one of the ‘big two’, alongside Kalshi in the prediction markets space. The fact that the site doesn’t charge a fee to buy a sell a market contract is also a big plus for us.
The biggest drawback for us on Polymarket is the fact that it is a crypto-based platform. While that is fine for people who have used it in the past, it will make those who haven’t uncomfortable and could sway them to choose another site. Aside from that, this is an excellent prediction market site.
Loading...