Is Polymarket legal in the UK? Prediction markets for UK users (2026)
By TomorrowAlpha Editorial Desk · Published · Updated
No. Polymarket geo-blocks UK users and Kalshi's member agreement bars anyone located in the UK from trading event contracts. Neither holds a UK Gambling Commission licence, which the regulator says these products require. UK residents can legally use UKGC-licensed betting exchanges such as Smarkets, Betfair Exchange and Matchbook, which work the same peer-to-peer way.
At a glance
- Regulator
- UK Gambling Commission (UKGC)
- Polymarket
- Not available (geo-blocked)
- Kalshi
- Not available (restricted jurisdiction)
- Legal alternatives
- Smarkets, Betfair Exchange, Matchbook
- Tax on winnings
- None for UK residents on licensed gambling
Why is Polymarket banned in the UK?
UK law treats a bet on an uncertain future event as gambling, whoever operates it. In February 2026 the UK Gambling Commission said current prediction-market products would appear to need a betting intermediary licence, and that unlicensed operators must not transact with consumers in Great Britain. Polymarket and Kalshi have no UK licence, so both exclude UK users rather than risk enforcement. Some financial event products can instead fall under FCA rules (spread betting), but neither platform is FCA-authorised.
Can you use Kalshi in the UK?
No. Kalshi expanded to 140+ countries in October 2025, but its member agreement restricts event-contract trading for anyone domiciled, organised or located in the United Kingdom. Kalshi has not announced a UK licence application.
UK prediction market alternatives
Exchanges charge commission on net winnings rather than Polymarket-style per-trade fees; rates vary by account and market, so check each platform's current schedule. Read our Polymarket vs Smarkets and Polymarket vs Betfair comparisons.
| Platform | Licence | Type | Good for |
|---|---|---|---|
| Smarkets | UKGC | Betting exchange | UK & US politics, current events |
| Betfair Exchange | UKGC | Betting exchange | Deepest liquidity, sport + politics |
| Matchbook | UKGC | Betting exchange | Sport, some specials |
| Manifold Markets | Not required (play money) | Prediction market | Any question, free |
Can I use Polymarket in the UK with a VPN?
It breaks Polymarket's terms, and accounts identified as UK-based can be restricted to close-only with funds tied up. It also means betting with an unlicensed operator, without UK consumer protection or dispute resolution.
Are prediction market winnings taxed in the UK?
Winnings from UKGC-licensed betting exchanges are not subject to income or capital gains tax for UK residents. Spread betting is also generally tax-free. Profits from crypto-settled platforms may involve capital gains tax on the crypto itself.
Frequently asked questions
Is Polymarket legal in the UK?
Polymarket is not licensed in the UK and geo-blocks UK users. The UK Gambling Commission says unlicensed operators must not offer prediction-market betting to people in Great Britain.
Can you use Kalshi in the UK?
No. Kalshi's member agreement restricts event-contract trading for people located in the UK.
What is the UK equivalent of Polymarket?
UKGC-licensed betting exchanges — Smarkets, Betfair Exchange and Matchbook — match bets peer-to-peer like Polymarket and list political markets.
Will Polymarket ever be legal in the UK?
Only if it obtains a UK Gambling Commission licence (or an FCA route for financial contracts). No application had been announced as of October 2026.
Sources
Related guides
Editorial information, not legal or financial advice. Regulations change frequently — last verified 12 Oct 2026.