Polymarket vs Smarkets: the UK alternative to Polymarket
Updated 12 Oct 2026
Polymarket geo-blocks UK residents. Smarkets, founded in 2008 and licensed by the UK Gambling Commission, is the closest UK-legal alternative — a peer-to-peer exchange where users trade contracts on political, sporting and current-events outcomes.
| Feature | Polymarket | Smarkets |
|---|---|---|
| UK availability | Geo-blocked | Fully licensed |
| Regulator | No UK licence (Polymarket US is CFTC-regulated) | UK Gambling Commission |
| Currency | USDC | GBP |
| Commission | Taker fee up to 0.07·p(1−p); 0% on geopolitics | Commission varies — check current schedule |
| Tax on winnings (UK) | — | Tax-free |
| Political markets | Extensive | Strong on UK/EU elections |
For UK residents, the practical choice isn't Polymarket vs Smarkets — Polymarket isn't a legal option. The real comparison is Smarkets vs Betfair Exchange (also UK-licensed). Commission varies by exchange — check each current schedule — but Betfair has deeper liquidity on most non-political markets.
Winnings from both platforms are tax-free for UK residents under HMRC's standard treatment of licensed gambling income.
Frequently asked questions
Can UK residents use Polymarket?
No. Polymarket geo-blocks UK IP addresses, Kalshi restricts the UK, and neither is licensed by the UK Gambling Commission.
Is Smarkets safe?
Yes. Smarkets is licensed by the UK Gambling Commission and segregates customer funds.