What is Polymarket? Is it Legit and Can I Trust it?

What is Polymarket?

Polymarket is a peer-to-peer betting website allowing you to predict the outcome of real world events like presidential elections, sports, crypto prices, but even things like the temperature in London or what words Donald Trump will say in November.

How does it work?

Users always bet against each other instead of against the house like traditional casinos or betting websites. This means that generaly on Polymarket you will get better odds and you will not bet on events that are inherently rigged by the casino.

To visualize this, lets use an example of the 2025 NYC mayoral election. Users can either buy "Yes" or "No" shares of either candidate taking part in the mayoral election.

For example, if you spend $70 to buy 100 Zohran Mamdani "Yes" shares at 70ct, someone else, on the other side, would need to also buy $30 worth of "No" shares.

As you can see the prices are very volatile because when news changes, prices often adjust. You can exit your position anytime by simply selling the shares on the open market.

If you decide to hold your shares till the end of the event, in this case the election, your shares will go to $1 and you can redeem your shares for a full dollar:

Can I trust Polymarket?

Polymarket is the largest prediction market, with millions in betting volume. The largest users have millions in cash on the websites and regularly place millions on sports matches or political predictions.

A recent example is the NYC Mayoral election where a whale placed over $1 million on Zohran Mamdani winning the election.

Polymarket has been operating since 2020 and ever since there have been no major reports about scams, lost money or unpaid bets. Polymarket remains one of the safest platforms to bet on sports, predict crypto and political events due to its decentralized nature.

Users can sign up with a crypto wallet like Metamask or Phantom so the user always has self custody of their money. Technically you never deposit on Polymarket. You always have access to you rprivate keys.

How do I sign up to Polymarket?

Creating an account on Polymarket is very easy. Follow the steps below:

1. Click Sign Up on the top right of your screen, select Continue with Google or enter your email address
2. Once you are logged in with your email account, you need to deposit money to get started. Polymarket lets you deposit through crypto, PayPal and Credit Card
3. After you made your deposit, you are ready to trade on Polymarket. Review TOS, rules, and information about liquidity before starting

What markets can I trade on Polymarket?

Polymarket is the biggest prediction market in the industry with various categories to trade:

• Politics
• Sports
• Finance
• Crypto
• Geopolitics
• Earnings
• Tech
• Culture
• World
• Economy
• Elections
• Mention Markets