Platform comparison
| Platform | YES odds | NO odds | Fee | KYC | Settlement | |
|---|---|---|---|---|---|---|
Polymarket (via Prediction Today) Pick polygram.ink (preferred broker) |
57% | 43% | 0% (USDC on-chain) | No-KYC up to $1,500 | USDC, auto via UMA oracle | Live odds → |
Polymarket (direct) polymarket.com |
57% | 43% | 0% | Geo-blocked in US/UK/EU | USDC, on-chain | Live odds → |
Kalshi kalshi.com |
— | — | Up to 7% per trade | US-only, KYC required | USD | Live odds → |
Betfair Exchange betfair.com |
— | — | 2-5% commission | Full KYC from first trade | GBP / EUR | Live odds → |
Manifold Markets manifold.markets |
— | — | Play-money (mana) | None — play-money | Mana (no cash-out) | Live odds → |
Outcome probabilities
Current market-implied probability for each outcome, from the live order book.
| Outcome | Probability |
|---|---|
| December 31 | 57% |
| October 31 | 42% |
| September 30 | 25% |
| August 31 | 11% |
| July 15 | 0% |
| July 31 | 0% |
Market context
Iran has moved from talk to practice: Reuters reported on 6 August that shipping-industry sources were being told a Hormuz passage deal would not be workable, while recent reporting also said Tehran was seeking fees of roughly 5% to 7% of cargo value, with Oman floating lower voluntary charges and Washington opposing any fee at all.[12][15] That leaves the market anchored on a live policy dispute, but with no clean evidence of a broad, formal toll regime being uniformly applied across commercial traffic yet.[12][15]
The useful comparator is the pattern from March and April, when Bloomberg and Reuters described ad hoc payments and Iranian proposals for service charges framed as compensation for navigation, security, and environmental cover, rather than an outright transit toll.[1][14] Reuters also noted that Iran has tried to fold the idea into a longer-term settlement, which matters because this market needs an official announcement and actual collection from generally defined vessels, not isolated demands or one-off payments.[14] That distinction has kept the crowd-implied probability at zero despite repeated signalling.[1][13]
A trader should watch for a formal Iranian government statement, cabinet or ministry guidance, and any published schedule setting who pays, how much, and under what legal label, because Reuters and other outlets have shown Tehran using “service fees” language to stay within a narrower interpretation of international law.[7][13][15] The key dependency is whether any Oman-mediated arrangement or reopened-route protocol turns voluntary contributions into mandatory collection; absent that, even reported payments by some ships may still fall short of the market’s threshold.[1][12][15]
Methodology
We track Iran charges Hormuz fees by 2026? across the five venues with material prediction-market liquidity. The probability shown is the live Polymarket mid; the comparison rows summarise how each venue treats the underlying contract — fees, KYC thresholds, settlement currency, deposit options. The highlighted row marks the cheapest route into Polymarket's order book.
Resolution & payout
Settlement runs on-chain. Polymarket's contract logic separates YES and NO shares as conditional tokens; at resolution the winning share lifts to $1.00 and the losing one to $0. The outcome input comes from the UMA Optimistic Oracle, which secures against bad resolution with a bond + dispute window.
Once finalised, the smart contract pays USDC to the holders' wallets within minutes — no withdrawal fees beyond Polygon network gas. Kalshi settles in USD via CFTC clearance, Betfair in account currency net of commission, Manifold in play-money mana with no cash-out.
UK Frequently Asked Questions
- Where can I trade this market with the lowest fees?
- Polymarket is geo-blocked in the US/UK/EU. The easiest 0%-fee broker into the same order book is Prediction Today. Kalshi charges up to 7% per trade; Betfair Exchange takes 2-5% commission on net winnings.
- Is this market available outside the US?
- Polymarket itself is geo-blocked in the US/UK/EU. Always check the legal status of prediction markets in your jurisdiction before trading.
- Is Polymarket legal in the UK?
- Polymarket is accessible to UK traders but is not UKGC-licensed. It operates under US CFTC jurisdiction. UK residents face no domestic legal prohibition on using it, but UKGC consumer protections do not apply. For UKGC-regulated alternatives, Betfair Exchange and Smarkets offer similar prediction-style markets.
- Do I pay tax on prediction market profits in the UK?
- UKGC-licensed platform profits (Betfair, Smarkets) are typically tax-free gambling winnings for UK individuals. Polymarket profits involve USDC crypto transactions, which HMRC treats as Capital Gains Tax events. Keep full transaction records and report via Self Assessment if gains exceed £3,000 per tax year.
- How do I deposit on Polymarket from the UK?
- UK traders typically fund Polymarket via Coinbase UK, Kraken or Revolut — buying USDC with GBP and transferring to a Polygon-compatible wallet (MetaMask, Coinbase Wallet). Polymarket's onboarding walks you through the bridging process. Typical GBP-to-USDC conversion costs 0.5–1%.
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