In this guide
Bottom line: Polymarket remains technically available to UK residents but exists within an uncertain regulatory framework. British users can access it through crypto wallets without regional restrictions. Regarding taxation: profits are probably subject to Income Tax (20–45%) or CGT (18–24%). PolyGram delivers a UK-tailored platform interface connected to the same Polymarket liquidity pool.
Within the UK market for prediction trading, Polymarket occupies a peculiar regulatory space. The UKGC has neither formally authorised nor explicitly forbidden Polymarket. Because it functions through blockchain technology and cryptocurrency wallets rather than conventional pound sterling accounts, it circumvents the regulatory apparatus that oversees conventional betting operators such as Betfair and Smarkets.
Is Polymarket Legal in the UK?
Polymarket lacks UKGC authorisation. Nevertheless, it is not formally outlawed for British residents. The principal regulatory considerations are:
- Absence of regional restrictions for UK internet users — in contrast to American users who encounter blocking
- Cryptocurrency-only funding — Polymarket exclusively accepts USDC on Polygon, a digital asset rather than a payment instrument regulated under the Gambling Act 2005
- FCA position: Digital assets fall under the Financial Services and Markets Act 2023, yet prediction market instruments remain unspecified
- UKGC guidance: No formal statement addressing Polymarket specifically as of May 2026
Practically speaking: British users have enjoyed continuous service since Polymarket's 2020 inception, with no recorded cases of enforcement targeting individual UK participants.
Depositing into Polymarket from the UK
Routes for funding via PolyGram suited to UK customers:
- Kraken UK: Bank transfer via BACS or Faster Payments → acquire USDC → transfer to Polygon address (~10 min)
- Coinbase UK: Payment card or bank transfer → obtain USDC → move to Polygon
- PolyGram direct: Visa or Mastercard → USDC credited instantly to your PolyGram account
UK Tax Treatment of Polymarket Winnings
HMRC's approach to crypto-based prediction market returns:
- If activity is infrequent (personal interest): Profits might qualify as gambling returns — no tax due under prevailing HMRC rules for betting and gaming
- If activity is frequent/professional: HMRC may deem it a business — liable to Income Tax (20–45%)
- Alternatively, if classified as crypto holdings: Capital Gains Tax (18–24%) applies when USDC is sold above the yearly CGT exemption (£3,000 in 2026)
The tax position remains genuinely uncertain. A significant number of British Polymarket participants record their returns using cryptocurrency CGT methodology and employ software such as Koinly or CoinTracker to produce tax-compliant documentation for HMRC.
UK-Relevant Markets on Polymarket
- UK General Election: Following the 2024 election, the subsequent general election is scheduled for 2029. Available markets include by-election outcomes, polling trends, and potential leadership transitions
- Premier League: Championship winner, bottom-three finishers and European qualification markets throughout the campaign
- Champions League: Arsenal, Chelsea, Manchester City — each with substantial CL trading activity
- World Cup 2026: England tournament winner priced between 13–15%
- Bank of England: Interest rate forecasts for each MPC decision point
Polymarket vs UK Alternatives
| Platform | UK Access | Regulated | House Edge | Markets |
|---|---|---|---|---|
| Polymarket (via PolyGram) | ✅ Full | Grey zone | ~1% | 8,400+ |
| Betfair Exchange | ✅ Full | UKGC | 5% | ~500 |
| Smarkets | ✅ Full | UKGC | 2% | ~200 |
| Kalshi | ❌ US only | CFTC (US) | ~1% | ~500 |
| Metaculus | ✅ Full | None | N/A (no money) | 5,000+ |
Access UK prediction markets via PolyGram →
FAQ — Polymarket UK
- Do I need to declare Polymarket winnings to HMRC?
- HMRC mandates reporting of all income subject to tax. Whether Polymarket returns constitute taxable income depends on your trading pattern and how HMRC categorises your activity. Occasional participants may qualify for gambling exemptions; those trading regularly will probably face Income Tax or CGT obligations. Seek personalised guidance from a qualified UK tax professional.
- Can I withdraw to a UK bank account?
- Direct withdrawal is not possible. USDC must be exchanged for GBP through a UK-authorised crypto platform (Kraken, Coinbase) before moving funds to your bank. Processing typically requires 1–3 working days via Faster Payments.
- Is Polymarket safer than Betfair?
- Betfair operates under UKGC supervision and incorporates FSCS safeguards. Polymarket functions as a decentralised smart contract system: assets reside in code-based protocols rather than a centralised business — eliminating single-point-of-failure risk but forgoing FSCS and UKGC remedies if complications materialise.