Polymarket Review – Crypto Predictions Platform

Decentralized betting sites have finally arrived and Polymarket is one of the top platforms so far. Running on the Polygon blockchain, it allows users to place bets and predictions without paying gas fees. On Polymarket, you can bet on scenarios that aren’t available elsewhere, and despite being in a beta stage, Polymarket already feels incredibly smooth.

Go to Polymarket here. Avoid using other links since there could be fake sites out there! It’s always polymarket.com.

In this article, we will guide you through Polymarket – how it works, how to use it, and how it differs from traditional betting sites (even the ones that accept crypto payments).

What is Polymarket?

Polymarket is a betting platform with yes/no predictions. You can bet against the market (that means other bettors) whether a specific outcome happens or not.

Most scenarios are related to politics, global situations, pop culture, and crypto prices. For instance, you can bet on whether or not Joe Biden wins the next presidential election. Or you can bet on whether a fight between Elon Musk and Mark Zuckerberg will ever happen.

Polymarket offers sports too. But only matchups with two scenarios. That works well for sports like American football, but not so well for European football (soccer).

How to use Polymarket

You sign up using your crypto wallet. MetaMask is a good one to use.

There’s no KYC so you don’t have to provide any documentation to the site.

You can simply deposit and start betting/predicting. You deposit via the Polygon blockchain and the currency used on Polymarket is USDC. After the deposit, your account is funded, and all future bets are free of gas fees. There are small market market fees though – but they are minimal compared to the wig that bookies usually take on bets related to politics and global situations.

When your account is funded, search the markets. Find a category you know something about. It could be politics or it could be sports – maybe something else. Check all the options on the site. And then find the specific situation you want to bet on. They have countless events and when you find the right one, go and make your prediction. A price is then shown, and based on the amount you bet, you get a certain number of shares. These shares can be cashed in for a profit if you win. Or you can cash out even before the event is over if you choose to do so.

If you need to withdraw your funds again, you simply go to your account and click withdraw. Enter the amount, and before long it will be back in your personal crypto wallet.

New market suggestions can be shared in the Polymarket Discord group.

Our experience

Our experience with Polymarket has been pretty good, to say the least. It’s nice to try a new decentralized betting platform where we can bet against the market. Without the outrageous fees that some traditional betting exchanges take.

The platform is smooth and works well. The betting process can be a little confusing at first, especially with the shares and the odds calculation, but you quickly get the hang of it.

There are some interesting events and scenarios you can bet on at Polymarket. Events and scenarios that other bookmakers and exchanges simply don’t offer. That’s what makes it so interesting. It truly presents some unique opportunities. Go and take a look for yourself.

Some of the more interesting bets we made were related to crypto prices on a certain date, or whether or not a project would do an airdrop. Who knows, perhaps a crypto-related project like Polymarket will one day release an airdrop itself, so make sure to use the platform!

The future of Polymarket

We have been excited about the prospect of decentralized betting for a long time, and Polymarket has taken a solid step in the direction of that, although it’s not a full realization of it.

But there’s a chance Polymarket can grow in the future. The platform really is great and the betting opportunities are unique. It would be great if the sports sections are expanded in the future, and if it becomes possible for anyone to open events and scenarios through a smart contract integration. Right now the sports markets are a bit limited there, to say the least – if that’s ever improved, then Polymarket will be a true force to be reckoned with.

Polymarket could certainly be a massive success in the future. The idea is spot on. And it works really well, much better than the other decentralized betting platforms we have tried. You actually get great odds over at Polymarket – often better than most bookies and exchanges at a theoretical payback rate that often hovers around 99% when liquidity is high.

Other platforms could also take inspiration from what Polymarket has done and try to compete with them. We are hoping for that to happen – and for more ideas to hit the market, so that the idea of a fully decentralized betting platform with sports can succeed in the future. It may be through Polymarket, or it may be through someone else – but as of right now, Polymarket is one of the best options out there.

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