Polymarket is a blockchain-based platform that lets users place bets on various events, featuring transparent rules and crypto payouts, and it’s accessible without verification.
Sites that allow wagering on different events are usually associated with scams. However, there are rare exceptions that aim to be neutral and as transparent as possible.
What Is It?
Polymarket is one of the most popular prediction markets built on the blockchain. It lets you bet on the outcomes of a wide range of events.
How to Choose and Place a Bet
- Home Page – By default, the site shows a list of all popular markets.
- Navigation – You can search directly or select a category that interests you. Popular categories include Politics, Finance, Crypto, Mentions, and more.
- Sub‑categories – Within each category you can further filter by timeframes (hourly, daily, pre‑market, etc.).
- Market Details – Clicking on a specific event card displays the current voting distribution and the rules that will determine the final outcome.
How to Bet
Polymarket essentially aggregates user predictions about an event’s outcome.
- The graph shows the public consensus (i.e., what most users think), not an objective probability.
- The cost of a bet and the potential payout depend on the distribution of “Yes” vs. “No” votes.
Example
- Each vote is worth $1 by default.
- In the screenshot below, 94 % voted “No” and 6 % voted “Yes.”
- Therefore, a “Yes” vote costs $0.06 and a “No” vote costs $0.94.
- If you win, you receive the difference between $1 and the cost of your vote.
- Betting against the crowd can be more profitable but also riskier.
Placing a Bet
- Select the amount you want to buy.
- Hit Deposit.
- Two options appear:
- Hold until the event concludes and sell each vote for $1.
- Sell immediately at the current market price.
You’re not forced to wait for the outcome—you can exit anytime at the prevailing distribution price, which helps minimize losses or exit early with a profit.
Tracking Activity & View Payouts
Your profile shows all your transactions, current holdings, and a summary of earnings and spendings.
Adding Funds and Withdrawing Winnings
- Deposit: Click the button in the top‑right corner to top up your Polymarket wallet.
- Several methods are available; for Russian users, crypto deposits are the only practical option.
- Choose the desired network, then transfer the amount to the provided address.
- Withdraw: In the Portfolio section, click Withdraw, specify the destination address and network, and confirm the transfer.
Takeaway
While Polymarket is more user‑friendly and transparent than many other betting platforms, it remains a high‑risk activity. Whether you use it or not is entirely up to you.
Personally, I appreciated the platform’s transparency and the clear understanding of the event I was betting on.