Polymarket is a prediction market app where participants trade event contracts in a Yes or No format. Once limited by the Commodity Futures Trading Commission (CFTC), the company’s re-entry has many wondering whether Polymarket is legal in the US.
After acquiring QCX LLC and QC Clearing licenses, US traders can now legally access the app. The brand has expanded its offerings to include sports event contracts in the NFL, NBA, NHL, MLB, and more. As you read on, you’ll see how Polymarket secured its operations, which states are licensed, how the prediction model works, and its pricing and commissions.
Polymarket operates a peer-to-peer market where you predict the outcomes of future events. Unlike mainstream sportsbooks, where bettors stake against the house and their odds, you buy and sell shares as event contracts. This pattern applies to markets related to politics, sports, and other categories. As a result, you won’t find Polymarket election betting as an option on the site. But you can trade contracts related to future election results.
We discovered that predictions weren’t linked to scores or numbers, but to a Yes/No format. Another thing we observed was the set price range of $0.01 to $0.99 per contract. Therefore, if you chose to buy an event contract, it would never go below $0.01 nor exceed $0.99.
The USD Coin (USDC) is the approved trading currency on Polymarket since it’s a stablecoin. That said, you can deposit and withdraw in other cryptocurrencies.
Yes, Polymarket is legal in the US after acquiring QCX LLC and QC Clearing for about $112 million. Instead of operating from an offshore base, the blockchain-powered prediction market company now owns legal infrastructure and backing within the US.
Two years after its launch, Polymarket was sanctioned by the Commodity Futures Trading Commission (CFTC) and ordered to pay $1.4 million for operating unregistered binary options. As of 2022, the company didn’t have a registered Designated Contract Market (DCM) under the Commodity Exchange Act (CEA).
However, things changed in mid-2025 when the brand took over QCX LLC and QC Clearing from Quadcore Group. This allowed the platform to return to the US market legally.
Polymarket is legal at the federal level because it operates under the CFTC’s oversight, which grants it a license to list market events. That said, each state has its own policies and may restrict access to certain markets based on regional compliance. Therefore, always confirm your state’s laws to ensure Polymarket is legal before registering.
On Polymarket, the contract price isn’t set by the service provider. How much a share costs depends on market activity and the number of traders who are in favor of or opposed to the outcome. In other words, as the tide shifts between Yes and No, the app’s algorithm modifies the price of shares in response to demand and supply.
For example, a NBA event contract worth $0.60 means there’s an implied 60% likelihood for a team to win. If the price increases to $0.75, it suggests even more participants – 75% – believe the prediction will be correct. In other words, the price of the contracts can be read similar to odds on a regular sportsbook. Though again it should be noted that traditional sports betting is not available on Polymarket.
Note that payout from each contract is fixed at $1. Therefore, if you decide to hold the $0.60 contract, you’d make $0.40 when the market settles. Should doubts arise, instead of holding, you can sell the $0.60 contract at the new price of $0.75 and make an early $0.15 gain before settlement, minus any fees of course.
Our review shows that Polymarket doesn’t charge trading commissions on shares bought. However, you’ll have to pay gas fees for using USDC. Here’s an overview that sums up all the features on the Polymarket app discussed so far.
| Category | Key terms | Explanation |
|---|---|---|
| Trading principles | Yes/No contracts | Each contract is fixed at a range of $0.01-$0.99. |
| Blockchain system | Polygon | Polygon transactions are faster and cost less. |
| Currency | USDC | A designated stablecoin minimizes volatility. |
| Regulations | CFTC oversight | Allows Polymarket to list market events nationwide, approved at the federal level |
Registering and using the Polymarket app isn’t difficult. We’ve explained the process below:
You’ll need to download the Polymarket app on your device, and you can click the banners on this page for that. Then, register with your Google account or email address if you’re in one of the Polymarket legal states.
After registration, you need to connect a crypto wallet. You can use Coinbase, MetaMask, or other WalletConnect options.
The trading cryptocurrency on the Polymarket app is USDC. However, you can deposit other cryptocurrencies, and the app will automatically convert them to USDC.
Here’s how to add funds to your wallet:
Tap Deposit, and choose a cryptocurrency and the corresponding chain
Double-check that the token and chain are compatible
Use Moonpay to access Mastercard and Visa as alternative funding options
Check your Polymarket app notification to confirm the deposit
The market page is where you’ll see event contracts on sports, politics, and other categories. Once you’ve done your research, move on to buying contracts that reflect your predictions. Note that you can buy multiple event contracts at once. For instance, if a contract is priced at $0.5, you can buy 1,000 for $500.
There are Polymarket fees for trading or hidden commissions. That said, you’d have to part with a small percentage of the blockchain gas fees and liquidity provider spreads. Also, you might incur a specific charge, depending on the wallet you use to deposit, withdraw, or convert USDC.
If you haven’t used it before, we’ve compiled five helpful tips for using the Polymarket app below:
There are no guaranteed markets, so take caution when buying contracts and use only budgeted funds.
Always ensure you’re trading from an informed position. Choosing which contracts to buy shouldn’t rely solely on guesses but also on quality research.
Watch out for price trends. Contracts you already bought can still be sold before settlement to minimize losses.
Make sure to claim up to $20 using our exclusive code SPIN to claim your Polymarket welcome bonus.
It’s ideal to buy event contracts across different markets. That way, you spread your options and still gain if other trades don’t work out.
The transaction and fees vary for each market, so do your due diligence. Read up from official sources and be aware of market resolution rules.
While reviewing the app, we noticed the good and not-so-pleasant features. We’ve outlined them below:
In summary, Polymarket is legal since the company acquired QC and QCX licenses to operate in the US. With CFTC oversight, you can now safely buy and sell contracts on the app.
Each contract ranges from $0.01 to $0.99, and prices can fluctuate based on market demand. A correct prediction settles at $1, while wrong predictions automatically expire as $0 after settlement. The best part of Polymarket is that there are no charges or commissions, except for gas fees for blockchain transactions and wallet transfers.
It’s still worth noting that regulations within US states vary, and some regions have tighter restrictions than others. If you’re wondering what states Polymarket is legal in, click the banners on this page to visit the site and confirm if your location is supported.
Polymarket is available in California, as it operates under federal derivatives law. The company may restrict traders with specific profiles, so do your research before joining Polymarket.
Polymarket has operational rights in Texas since the CFTC backs it. Texans may register on the site, but must ensure they adhere to local laws.
Under federal rules, Florida residents can buy contracts on Polymarket. It’s okay to confirm at registration, as local regulations may change.
Polymarket supports New York since it has authorization to operate nationwide. New Yorkers can sign up if they meet state eligibility and age requirements.
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