Platform comparison
| Platform | YES odds | NO odds | Fee | KYC | Settlement | |
|---|---|---|---|---|---|---|
Polymarket (via Polymarket Tax UK) Pick polygram.ink (preferred broker) |
99% | 1% | 0% (USDC on-chain) | No-KYC up to $1,500 | USDC, auto via UMA oracle | Trade this market → |
Polymarket (direct) polymarket.com |
99% | 1% | 0% | Geo-blocked in US/UK/EU | USDC, on-chain | Trade this market → |
Kalshi kalshi.com |
— | — | Up to 7% per trade | US-only, KYC required | USD | Trade this market → |
Betfair Exchange betfair.com |
— | — | 2-5% commission | Full KYC from first trade | GBP / EUR | Trade this market → |
Manifold Markets manifold.markets |
— | — | Play-money (mana) | None — play-money | Mana (no cash-out) | Trade this market → |
Outcome probabilities
Current market-implied probability for each outcome, from the live order book.
| Outcome | Probability |
|---|---|
| Crowley <1% | 99% |
| Other | 50% |
| Hong 1–2% | 1% |
| Crowley 1–2% | 1% |
| Crowley 3–4% | 1% |
| Hong 6%+ | 0% |
| Hong 5–6% | 0% |
| Hong 4–5% | 0% |
| Hong 3–4% | 0% |
| Hong 2–3% | 0% |
| Hong <1% | 0% |
| Crowley 2–3% | 0% |
| Crowley 4–5% | 0% |
| Crowley 5–6% | 0% |
| Crowley 6%+ | 0% |
Market context
Wisconsin's Democratic primary for governor takes place on 11 August 2026, with the winner determined by plurality vote. This market brackets the margin of victory between the top two finishers into narrow bands, settling on the absolute percentage-point difference between first and second place. The primary occurs in a state where Democratic turnout has historically concentrated around presidential cycles; off-year primaries typically see lower participation, which can amplify margins if a single candidate dominates early endorsements or fundraising.
Comparable Democratic gubernatorial primaries in neighbouring states show variable outcomes. Michigan's 2022 Democratic gubernatorial primary saw Gretchen Whitmer win by approximately 77 percentage points in an uncontested race, whilst Minnesota's 2018 primary produced a tighter 12-point margin between Tim Walz and Erin Murphy. Wisconsin's political landscape—with established labour union networks and progressive urban centres balanced against rural constituencies—suggests the outcome depends heavily on whether a consensus candidate emerges or multiple candidates fragment the vote. Current 0% probability implies traders assess a specific bracket as unlikely, though the market's structure across multiple margin bands means aggregate probability across all brackets should total 100%.
Key catalysts include candidate announcements (typically occurring 12–18 months before primaries), endorsements from the Democratic Party of Wisconsin and major unions, and fundraising disclosures filed with the Wisconsin Elections Commission. The settlement window closes at 23:59 UTC on 12 August 2026, one day after voting. From a regulatory standpoint, this market falls under CFTC jurisdiction as a binary event contract traded on a US-accessible platform; traders in Germany should note that prediction markets remain subject to GlüStV licensing requirements. No-KYC access up to $1,500 notional exposure applies to this market on most platforms, meaning smaller retail positions avoid identity verification, though larger stakes trigger standard compliance procedures.
Methodology
This overview of Wisconsin Governor Democratic Primary Margin of Victory (Small Brackets) reviews the four comparable platforms from a regulatory perspective: which is accessible in your jurisdiction, where KYC kicks in, how the platform is classified by your country of residence. Live probability is the Polymarket mid; comparison columns show regulatory status, KYC thresholds and settlement options for each platform.
Resolution & payout
On Polymarket, resolution runs on-chain via UMA Optimistic Oracle. USDC payout is instant and automatic, with no KYC. Tax treatment depends on your jurisdiction — in the US, gains are usually ordinary income; in the UK, often capital gains. Consult a tax professional for your situation.
UK Frequently Asked Questions
- Do I need to KYC for Polymarket Tax UK?
- Not for lifetime trading volume under $1,500. Above that threshold, a quick KYC flow kicks in — ID, selfie, approximately 5-10 minutes. The threshold matches FATF travel standards for unregulated crypto platforms.
- Is Polymarket regulated by the UKGC?
- No. Polymarket is not licensed by the UK Gambling Commission (UKGC). It is a decentralised prediction market operated under US regulation. UK traders can use it but do not benefit from UKGC dispute resolution or player protection requirements.
- What are the HMRC tax rules on Polymarket profits for UK traders?
- Polymarket profits are treated as cryptocurrency disposal events by HMRC. Each USDC settlement is a taxable event subject to Capital Gains Tax (CGT). For 2026/27, the CGT rate is 18% (basic rate) or 24% (higher rate). The annual CGT exemption is £3,000. Report via HMRC Self Assessment if your total crypto gains exceed £3,000 or proceeds exceed £50,000.
- Does Polymarket KYC apply to UK users?
- Yes. Polymarket requires KYC (Know Your Customer) verification for all users, including UK residents. You must provide a government-issued photo ID and a selfie. The process typically takes 5–10 minutes via their ID verification provider.
- What is the legal difference between Polymarket and Betfair Exchange for UK traders?
- Betfair Exchange is UKGC-licensed, meaning UK consumer protections apply and winnings are typically tax-free. Polymarket is not UKGC-licensed — it operates under decentralised blockchain rules. Profits from Polymarket are subject to HMRC CGT as crypto disposals. Choose based on your regulatory preference and tax situation.
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