Americans Are Trading Billions of Dollars on Polymarket’s Banned Offshore Platform
Approximately 30 percent of the trading volume on Polymarket comes from the United States, according to a new study—an eye-popping number, considering that none of those people are legally allowed to use the crypto-based platform.
The study, conducted by Rutgers University statistician Harry Crane, estimated that people in the US funneled between $10.6 to $26.7 billion through Polymarket. To track the platform’s activity, Crane looked at what appeared to be US-based trades on offshore prediction market platforms from May 2025 to the end of April 2026. He found that many of the highest-volume markets on Polymarket were US-centric, including those covering US elections and sporting events. US-based traders appeared to participate on Polymarket’s sports vertical at especially high rates; the study estimated that they accounted for roughly half of the activity in those markets.
“It’s been known that there are individuals on there, but what hasn’t been known is...
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