Prediction markets like Polymarket triple despite US ‘ban’
Thanks to the US presidential election, the total value of crypto assets on prediction markets according to DefiLlama has tripled this year. That growth is curious, however, given that the dominant prediction market with a controlling 73% of the sector’s assets, Polymarket, claims it doesn’t allow US residents. Polymarket has gained notoriety, not for its unremarkable betting on assorted events, but for its very specific Donald Trump, Joe Biden, and Kamala Harris-related markets. Indeed, election wagers on the platform exceeded $1 billion in July alone. Bloomberg reports US use of Polymarket Polymarket assures the world that it’s based in the tax haven of Panama and its website ostensibly prohibits US residents. Indeed, its Terms of Service plain text webpage states that Polymarket betting markets “ARE NOT OFFERED TO PERSONS OR ENTITIES WHO RESIDE IN, ARE CITIZENS OF, ARE LOCATED IN, ARE INCORPORATED IN, OR HAVE A REGISTERED OFFICE IN THE UNITED STATES OF AMERICA.” ...