World Cup Winner
Yes 13%
No 87%
Vol. $2511.6M
Polymarket is geoblocked in the UK. UK traders access equivalent CLOB liquidity via PolyGram. 0% fees. Optional KYC. USDC on Polygon.
HMRC's Position on Crypto Prediction Markets
HMRC treats cryptocurrency-based financial activity under its existing Cryptoassets Manual (CRYPTO). Prediction market contracts settled in USDC are most likely treated as cryptoasset disposals for Capital Gains Tax purposes. Each time you sell YES or NO shares and receive USDC, HMRC may consider this a disposal of a cryptoasset.
Important: This analysis is informational only. Consult a qualified UK tax adviser (ideally one with cryptocurrency expertise) for advice specific to your situation.
Capital Gains Tax Treatment
If prediction market profits are treated as CGT disposals: gains above the £3,000 annual CGT allowance (2026/26) are taxed at 18% (basic rate taxpayers) or 24% (higher rate taxpayers) on residential property, or 10%/20% on other assets. Each market resolution is a taxable event if you received USDC worth more than your USDC cost basis.
Income Tax Treatment
If HMRC determines that your prediction market trading is carried on as a "trade" (systematic, frequent, with commercial intent), profits would be subject to Income Tax at your marginal rate (20%, 40%, or 45%), not CGT. HMRC considers frequency, systematisation, and profit motive. Occasional leisure trading is unlikely to be classified as a trade.
Record Keeping Requirements
For any tax year in which you trade prediction markets, keep records of: every trade (date, market, USDC amount in/out), the GBP value of USDC at each transaction date, and a summary of total gains/losses. PolyGram provides a transaction history export. Convert USDC amounts to GBP using the exchange rate on each transaction date.
Are Losses Deductible?
Yes. If your prediction market trading generates a net loss in a tax year, you can offset this loss against other capital gains in the same year, or carry it forward to offset future capital gains. Report losses to HMRC even if you have no gains to offset in the current year (to preserve the loss for future use).
Trade Prediction Markets from the UK
PolyGram mirrors Polymarket's CLOB. Access all markets, same prices, 0% fees.
Open PolyGram → View FAQFrequently Asked Questions
Is Polymarket legal in the UK?
Polymarket itself operates in a legal grey area in the UK. Prediction markets settled in cryptocurrency (USDC) are not straightforwardly classified as "gambling" under the Gambling Act 2005, which requires cash prizes to trigger regulation. No UK authority has taken enforcement action against Polymarket. However, Polymarket voluntarily geoblocks UK IP addresses. PolyGram mirrors Polymarket's CLOB liquidity and is accessible to UK users.
Why is Polymarket blocked in the UK?
Polymarket geoblocks UK users as a precautionary compliance measure, not because the UK has explicitly banned it. The Gambling Commission has not issued guidance specifically covering USDC-settled prediction markets. PolyGram was built to give UK traders access to the same Polymarket CLOB order book without the IP restriction.
Do I need a VPN to use Polymarket from the UK?
Using a VPN to circumvent Polymarket's geoblock violates Polymarket's Terms of Service and could result in your account being restricted. A better option is PolyGram, which legally mirrors Polymarket's CLOB liquidity and is fully accessible to UK users without a VPN.
What currency do prediction markets use?
Polymarket and PolyGram use USDC (USD Coin), a US-dollar-pegged stablecoin on the Polygon blockchain. Each contract share is worth between $0.00 and $1.00 USDC, with the final value settling at $1.00 (YES wins) or $0.00 (NO wins). UK users can buy USDC on Coinbase UK, Kraken UK, or any FCA-registered crypto exchange.
Is PolyGram regulated by the FCA?
No. PolyGram is not regulated by the Financial Conduct Authority. Prediction markets are a novel category and no major prediction market platform — including Polymarket or Kalshi — holds FCA authorisation. Always trade only what you can afford to lose.
How do I fund a PolyGram account from the UK?
Purchase USDC on an FCA-registered exchange (Coinbase UK and Kraken UK are the most popular). Send USDC on the Polygon network to your PolyGram deposit address. Deposits are credited after 12 confirmations, typically within 2–3 minutes. Minimum deposit is $10 USDC.