US-based customers are the most important political bettors on Polymarket, regardless of the crypto-based prediction market’s efforts to limit US residents from utilizing the decentralized platform, in accordance with new analysis.
Blockchain analysis agency Allium estimated in a report revealed on Thursday that US-based customers are the one largest political market of any nation by contracts traded and pockets depend on Polymarket — to not be confused with Polymarket US, which is a US-regulated platform that launched in December with a narrower set of markets.
“Blocking entry didn’t finish US participation; it made the US the biggest single political market on Polymarket by quantity,” the report mentioned. “The demand continues to be there, now offshore and past US oversight.”
The info means that Polymarket’s efforts to limit US customers from its international platform haven’t completely labored, including to an increasing listing of complications for the corporate within the fast-growing predictions market sector, which is underneath authorized and political scrutiny.
Polymarket was pressured to chop off US customers’ entry to its international platform as a part of a $1.4 million settlement with the Commodity Futures Buying and selling Fee in 2022.
Allium based mostly its figures on the 6% of wallets it tagged with a rustic, that means the information must be seen as directional solely. Supply: Allium
Allium discovered that US customers are extra excited about international conflict-related markets than the remainder of the platform’s customers, with 5 of the US cohort’s high 12 markets by notional quantity referring to the Iran battle.
It additionally reveals a lesser curiosity in election-related markets, which is a class of prediction markets allowed on Kalshi and Polymarket US.
“US cash pours into international wars, these days Iran, and largely skips the elections the worldwide crowd trades,” mentioned Allium.
Cointelegraph contacted Polymarket for remark.
Polymarket’s effort to geoblock US customers
Allium’s figures align with one other examine revealed in June by Rutgers College statistician Harry Crane, who estimated that 30% of buying and selling quantity on Polymarket comes from the US.
Crane estimated that folks based mostly within the US despatched between $10.6 billion and $26.7 billion by means of Polymarket between Could 2025 and April 2026, regardless of Polymarket blocking US-based IP addresses and VPNs, which could possibly be used to skirt the block.
The researcher regarded on the instances of day the trades had been made and the markets wherein the trades had been made to hyperlink sure trades to US customers.
An excerpt of Polymarket’s FAQ web page on its geographic restrictions. Supply: Polymarket
Polymarket has reportedly been clamping down on customers who use VPNs by blocking sure IP addresses tied to VPN companies, The Data reported in Could.
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The place is Polymarket blocked?
Polymarket is totally blocked in additional than 34 international locations, the newest being Spain, which blocked native customers from Polymarket and Kalshi as a “precautionary measure” as authorities open an investigation into whether or not the businesses are working with out crucial licensing.
One other 4 international locations, together with Singapore, Thailand, Taiwan and Poland, are in “shut solely,” that means customers in these international locations can shut present positions however can not open new trades.
There are additionally 4 restricted areas, Ontario in Canada, Crimea, Donetsk and Luhansk in Ukraine, the place Polymarket is blocked however is out there elsewhere within the nation.
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