Polymarket is a decentralized prediction market platform through which players purchase and trade “event contracts” on future events. While similar in nature to our top sports betting sites, there are a number of key differences, both in how prediction markets operate and their legality in Canada.
In this Polymarket Canada article, we’ll cover the complex nature of the operator’s legal status in the country, including government regulations, provincial differences, and other important considerations.
What is Polymarket?
Polymarket is the most well-known online site for betting on real-world events. Since its launch, it has processed billions of dollars in wager volume across bets in politics, pop culture, economics, and sports.
Betting on Polymarket differs from sportsbooks, where players make wagers against the “house.” On Polymarket and other event contracts platforms, users are essentially betting against each other, with market odds reflecting the general consensus of an event occurring. All bets either settle as “yes” or “no” or function similar to an over/under wager. Share prices range from $0.01 to $1.
One current Polymarket events contract asks, “Will a province schedule a referendum to leave Canada before 2027?” It was trading at $0.50 for both “yes” and “no” on March 23, indicating a 50-50 split among public perception.
If you were to buy shares of “no” and there were no provincial referendums to leave Canada before the end of 2027, you would receive $0.50 in profits per share. You can also sell these event contracts at any point before the event ends.
Is Polymarket legal in Canada?
So, are prediction markets legal in Canada and is Polymarket allowed in Canada? The answer to both is complex. The Canadian Securities Administrators (CSA) banned transactions involving binary options (yes or no contracts) in 2017. However, Polymarket doesn’t list Canada as a blocked country.
Currently, Polymarket operates in sort of a “grey area,” similar to sportsbooks with offshore licenses. Canadians can still create and fund accounts due in part to the platform’s loose Know Your Customer (KYC) requirements.
Kalshi, a prominent competitor to Polymarket, has stricter KYC requirements with ID verification. So, is Kalshi legal in Canada? The answer is a more definitive “no.” To see how the two prediction markets stack up, check out our Kalshi vs. Polymarket guide.
Polymarket does not have an official license in Canada and, considering the evolving nature of prediction markets and event contracts, Canadians should exercise caution when playing.
Is Polymarket available to Canadian users?
While operating in a legal “grey area,” there has been some Polymarket regulation news to note in recent years. Ontario, which is also currently the only Canadian province with a legal betting market (Alberta is soon to follow), banned Polymarket in 2025.
The company settled with the Ontario Securities Commission (OSC), agreeing to pay a penalty of more than $200,000 for offering binary options to Ontario investors between June 2020 and May 2023.
Polymarket currently lists Ontario as a “blocked region,” although it does not include Canada among its list of 34 blocked countries, which includes Russia, Italy, and France.
How does Canadian law treat prediction markets?
Although the CSA banned binary trading options in 2017, enforcement hasn’t been easy. Ontario is the only province to take action. The federal government has yet to launch a comprehensive regulatory response.
Event contracts function similar to financial derivatives, but the value of derivatives is determined by underlying assets, like stocks or bonds. They’re also regulated by provincial and federal authorities.
The CSA contends that event contracts on platforms like Polymarket pose a high risk of fraud to Canadians.
Are there legal alternatives to Polymarket in Canada?
Canadians with concerns about using Polymarket can find similar types of wagers at legal sportsbooks. While these don’t have the same depth of markets, some operators accept bets on politics and prominent events in Canada and elsewhere.
Polymarket is technically available to players in more than 160 countries, including the US, where it is regulated by the Commodity Futures Trading Commission (CFTC). However, access varies across states, with Massachusetts and Nevada, among others, restricting certain types of event contracts.
Players in other countries do not have the same level of protection as in the US.
Sam brings years of hands-on journalism experience, as well as a passion for sports and sports betting, to his role as a Sports Betting Expert at Oddspedia. Sam began his sports and journalism career straight out of university, saying his motto in life is to do what he loves, and write home about it.
His career in the betting world is a mix of personal interest, professional curiosity, and a constant pursuit of the next adrenaline rush. As a diehard fan of the Minnesota Vikings when it comes to football, and Manchester United in soccer, Sam doesn’t just write about his teams, he backs them up with bets (mostly same-game parlays, which he says get him involved in all aspects of the game, not just one part).
Sam’s deep understanding of both the technical and strategic sides of sports betting is reflected in his writing. Whether he’s analyzing betting markets, dissecting odds, or offering his take on upcoming games, Sam combines insider knowledge with a fan’s perspective.
As an expert bettor and passionate fan of teams on both sides of the Atlantic, Sam brings his hands-on experience and knowledge to Oddspedia, playing a key role in content development, fact-checking, and ensuring that all information is clear, accurate, and useful for bettors around the world.
Learn how to watch live sports on Stake, access eligible live streams, and follow in-play odds, markets, and scores as the action unfolds. We rechecked Stake’s stream requirements, supported sports and regional limits.
When considering Betway vs. bet365, there are plenty of similarities to note. We compare these bookmakers’ odds value, betting markets, casinos, and more.
We use cookies to ensure you get the best experience on our website. You can manage your preferences and find out more by clicking the ‘Customise’ button below.
