{ "schemaVersion": "vultax-public-research-data-v1", "articleUrl": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026", "datasets": [ { "title": "Polymarket US and polymarket.com are different venues", "columns": [ { "name": "", "unit": null }, { "name": "Polymarket US", "unit": null }, { "name": "polymarket.com (international)", "unit": null } ], "rows": [ [ "Legal footing", "QCX LLC, a CFTC-designated contract market, acquired in July 2025; the CFTC approved intermediated U.S. access on 25 November 2025", "Operated by Blockratize, Inc.; the CFTC's January 2022 order found its contracts were swaps offered without a registered exchange and required non-compliant markets to be wound down" ], [ "Open to U.S. residents", "Yes; the app rolled out to its waitlist from 3 December 2025", "No; in April 2026 the company was reported to be seeking CFTC approval to reopen it to U.S. traders" ], [ "What it lists", "Sports at launch; by April 2026 a few politics and weather markets, per CoinDesk", "Elections, economics, geopolitics, crypto, sports, culture and more" ], [ "Taker fee", "0.06 × contracts × p × (1 − p), with a maker rebate, since 1 July 2026", "0 to 0.07 × contracts × p × (1 − p) depending on category; geopolitics is fee-free and makers pay nothing" ] ], "measurementContext": "Read 12 September 2026 from the CFTC's 2022 order, Polymarket's announcements and fee documentation, PYMNTS and CoinDesk. The rows describe the venues, not what any individual may lawfully do in their state.", "sources": [ { "label": "CFTC — Order against Blockratize, Inc. d/b/a Polymarket (3 Jan 2022)", "url": "https://www.cftc.gov/PressRoom/PressReleases/8478-22", "note": "$1.4 million civil penalty; contracts found to be swaps offered without a registered exchange; wind-down of non-compliant markets" }, { "label": "Polymarket — acquisition of CFTC-licensed exchange and clearinghouse QCEX (21 Jul 2025)", "url": "https://www.prnewswire.com/news-releases/polymarket-acquires-cftc-licensed-exchange-and-clearinghouse-qcex-for-112-million-302509626.html", "note": "$112 million; QCX LLC and QC Clearing LLC" }, { "label": "Polymarket — CFTC approval of amended order of designation (25 Nov 2025)", "url": "https://www.prnewswire.com/news-releases/polymarket-receives-cftc-approval-of-amended-order-of-designation-enabling-intermediated-us-market-access-302625833.html", "note": "Intermediated U.S. market access" }, { "label": "PYMNTS — Polymarket begins rolling out U.S. app (4 Dec 2025)", "url": "https://www.pymnts.com/cryptocurrency/2025/prediction-market-polymarket-begins-rolling-out-us-app/", "note": "Waitlist rollout from 3 December, launching with sports" }, { "label": "CoinDesk — Polymarket seeks CFTC approval to reopen main exchange to U.S. traders (28 Apr 2026)", "url": "https://www.coindesk.com/policy/2026/04/28/polymarket-seeks-cftc-approval-to-reopen-main-exchange-to-u-s-traders", "note": "Main exchange still off-limits to U.S. traders; U.S. app sports-first" }, { "label": "Polymarket US — fees", "url": "https://docs.polymarket.us/fees", "note": "Taker theta 0.06, maker rebate theta −0.0125, effective 1 July 2026; read 2026-09-12" }, { "label": "Polymarket — trading fees", "url": "https://docs.polymarket.com/trading/fees", "note": "Category rates 0 to 0.07; makers pay nothing; read 2026-09-12" }, { "label": "Holland & Knight — Federal appeals court on CFTC jurisdiction over sports event contracts (Apr 2026)", "url": "https://www.hklaw.com/en/insights/publications/2026/04/federal-appeals-court-cftc-jurisdiction-over-sports-event-contracts", "note": "KalshiEX LLC v. Flaherty, Third Circuit, 6 April 2026" }, { "label": "American Banker — Kalshi ruling favoring states tees up Supreme Court fight (Aug 2026)", "url": "https://www.americanbanker.com/news/kalshi-ruling-favoring-states-tees-up-supreme-court-fight", "note": "Ninth Circuit, 28 August 2026, for Nevada" }, { "label": "AP via Hawaii Tribune-Herald — New Jersey takes fight over Kalshi's prediction market to U.S. Supreme Court (3 Sep 2026)", "url": "https://www.hawaiitribune-herald.com/2026/09/03/nation-world-news/new-jersey-takes-fight-over-kalshis-prediction-market-to-us-supreme-court/", "note": "Petition filed 2 September 2026" }, { "label": "Boston Globe — Kalshi sports betting injunction in Massachusetts (21 Jan 2026)", "url": "https://www.bostonglobe.com/2026/01/21/business/kalshi-sports-betting-injunction-massachusetts/", "note": "Suffolk Superior Court preliminary injunction; reported" }, { "label": "Justia — KalshiEX LLC v. Schuler, S.D. Ohio, No. 2:25-cv-01165", "url": "https://law.justia.com/cases/federal/district-courts/ohio/ohsdce/2:2025cv01165/306374/69/", "note": "Preliminary injunction denied, 9 March 2026; reported" }, { "label": "National Law Review — Kalshi's Sixth Circuit battle (Aug 2026)", "url": "https://natlawreview.com/article/eventful-proceedings-kalshis-6th-circuit-battle-latest-chapter-regulatory-war", "note": "Tennessee and Ohio rulings consolidated; argued 30 July 2026" }, { "label": "Covers — Maryland appeals court hearing on Kalshi (May 2026)", "url": "https://www.covers.com/industry/maryland-appeals-court-hearing-kalshi-duck-quack-sports-betting-argue-may-2026", "note": "Fourth Circuit argument; no decision found by 12 September" }, { "label": "CFTC — Withdrawal of proposed event-contract rules (6 Feb 2026)", "url": "https://www.cftc.gov/LawRegulation/FederalRegister/final-rules/2026-02454.html", "note": "Withdrawn to reconsider in light of state actions and litigation" }, { "label": "CFTC — Proposed public-interest framework for event contracts (10 Jun 2026)", "url": "https://www.cftc.gov/PressRoom/PressReleases/9249-26", "note": "Three-step test; terrorism, assassination, war, gaming, unlawful activity" }, { "label": "Holland & Knight — CFTC proposes comprehensive framework for public interest review (Jun 2026)", "url": "https://www.hklaw.com/en/insights/publications/2026/06/cftc-proposes-comprehensive-framework-for-public-interest-review", "note": "Comment deadline 27 July 2026" }, { "label": "CFTC — Chairman Michael S. Selig", "url": "https://www.cftc.gov/About/Commissioners/MichaelSelig/index.htm", "note": "Sworn in 22 December 2025" }, { "label": "Illinois Gaming Board — cease-and-desist letter to Polymarket (27 Jan 2026)", "url": "https://igb.illinois.gov/content/dam/soi/en/web/igb/documents/sports/cease-and-desist-letters/20260127-cease-desist-letter-polymarket.pdf", "note": "Alleged unlicensed sports wagering" }, { "label": "The Block — Polymarket faces first state-level cease-and-desist from Tennessee", "url": "https://www.theblock.co/post/385002/polymarket-faces-first-state-level-cease-and-desist-from-tennessee-weeks-after-us-relaunch-report", "note": "Kalshi, Polymarket and Crypto.com; reported" }, { "label": "SBC Americas — Nevada judge initial ban on Polymarket (2 Feb 2026)", "url": "https://sbcamericas.com/2026/02/02/nevada-judge-initial-ban-polymarket/", "note": "Temporary ban; reported" }, { "label": "SBC Americas — Polymarket sues New Mexico (2 Jul 2026)", "url": "https://sbcamericas.com/2026/07/02/polymarket-sues-new-mexico/", "note": "Federal lawsuit; reported" }, { "label": "Polymarket — geographic restrictions", "url": "https://help.polymarket.com/en/articles/13364163-geographic-restrictions", "note": "The United States is on the list of restricted countries; read 2026-09-25" }, { "label": "U.S. Court of Appeals, Ninth Circuit — Blue Lake Rancheria v. Kalshi, No. 25-7504 (16 Sep 2026)", "url": "https://cdn.ca9.uscourts.gov/datastore/opinions/2026/09/16/25-7504.pdf", "note": "Tribes likely to prevail under IGRA; remanded" }, { "label": "U.S. Court of Appeals, Ninth Circuit — KalshiEX v. Assad, No. 25-7516 (28 Aug 2026)", "url": "https://cdn.ca9.uscourts.gov/datastore/opinions/2026/08/28/25-7516.pdf", "note": "Dissolution of Kalshi's preliminary injunction upheld" }, { "label": "Supreme Court docket — Flaherty v. KalshiEX, No. 26-299", "url": "https://www.supremecourt.gov/docket/docketfiles/html/public/26-299.html", "note": "Filed 2 Sep 2026; response due 9 Nov 2026" }, { "label": "Supreme Court docket — Robinhood Derivatives v. Dreitzer, No. 26-338", "url": "https://www.supremecourt.gov/docket/docketfiles/html/public/26-338.html", "note": "Filed 10 Sep 2026; response due 14 Oct 2026" }, { "label": "Supreme Court docket — North American Derivatives Exchange v. Nevada, No. 26-344", "url": "https://www.supremecourt.gov/docket/docketfiles/html/public/26-344.html", "note": "Filed 11 Sep 2026; response due 15 Oct 2026" }, { "label": "Supreme Court — October Term 2026 calendar", "url": "https://www.supremecourt.gov/oral_arguments/2026TermCourtCalendar.pdf", "note": "Opening conference 28 September 2026" }, { "label": "New York Attorney General — lawsuit against Polymarket US (24 Sep 2026)", "url": "https://ag.ny.gov/press-release/2026/attorney-general-james-and-governor-hochul-announce-lawsuit-against-polymarket", "note": "QCX LLC d/b/a Polymarket US; alleged illegal gambling operation" }, { "label": "Insurance Journal (AP) — Polymarket sues New York officials (24 Sep 2026)", "url": "https://www.insurancejournal.com/news/east/2026/09/24/886739.htm", "note": "Federal suit in Manhattan; reported" }, { "label": "Missouri Attorney General — cease-and-desist to prediction markets (Sep 2026)", "url": "https://ago.mo.gov/missouri-attorney-general-hanaway-orders-unlicensed-prediction-markets-to-cease-and-desist-unlawful-sports-wagering/", "note": "Polymarket, Kalshi, Crypto.com, Novig, Underdog, Robinhood" }, { "label": "California Attorney General — coalition defending state gambling laws (12 Jun 2026)", "url": "https://oag.ca.gov/news/press-releases/attorney-general-bonta-joins-bipartisan-coalition-defending-state-gambling-laws", "note": "37-attorney-general amicus brief in KalshiEX v. Schuler" }, { "label": "California Legislature — AB 2617 status", "url": "https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB2617", "note": "Re-referred to the Governmental Organization Committee 17 March 2026" }, { "label": "California Legislature — AB 1840 text", "url": "https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=202520260AB1840", "note": "Prediction-market trading on material nonpublic information by officials" }, { "label": "Governor of California — executive order on insider betting (27 Mar 2026)", "url": "https://www.gov.ca.gov/2026/03/27/governor-newsom-strengthens-bans-on-insider-betting-by-state-officials-takes-aim-at-corruption-fueled-by-trump/", "note": "Appointees barred from profiting on nonpublic state information" }, { "label": "Bloomberg Law — Kalshi takes its prediction markets out of three tribes' lands (24 Sep 2026)", "url": "https://news.bloomberglaw.com/ip-law/kalshi-takes-its-prediction-markets-out-of-three-tribes-lands", "note": "Reported filing in the Blue Lake case" }, { "label": "CBS Sports — Is Polymarket legal in California? (24 Sep 2026)", "url": "https://www.cbssports.com/prediction/news/polymarket-california/", "note": "Availability guide" }, { "label": "Texas Senate — Committee on State Affairs, interim charges", "url": "https://senate.texas.gov/cmte.php?c=570", "note": "\"Closing Gambling Loopholes\"" }, { "label": "Texas Legislature — State Affairs hearing and witness list (15 Sep 2026)", "url": "https://capitol.texas.gov/tlodocs/89R/witlistmtg/html/C5702026091509001.HTM", "note": "Kalshi, American Gaming Association, Kickapoo Traditional Tribe of Texas and others" }, { "label": "Texas Tribune — Texas and prediction markets (1 May 2026)", "url": "https://www.texastribune.org/2026/05/01/texas-prediction-market-regulations-kalshi-gambling-sports-betting/", "note": "Attorney general's office; election-betting law" }, { "label": "Covers — Texas lawmakers hear prediction-market arguments (15 Sep 2026)", "url": "https://www.covers.com/industry/texas-lawmakers-hear-prediction-market-arguments-september-15-2026", "note": "Hearing coverage; availability in Texas" }, { "label": "CNBC — 44 states say the CFTC has no authority over sports prediction markets (28 Jul 2026)", "url": "https://www.cnbc.com/2026/07/28/44-states-say-cftc-has-no-authority-over-sports-prediction-markets.html", "note": "Texas among five states that did not sign" }, { "label": "Texas Lottery Commission — move to TDLR (1 Sep 2025)", "url": "https://www.texaslottery.com/export/sites/lottery/Documents/news_releases/2025/09-01-25_TLC_Moves_to_TDLR.pdf", "note": "SB 3070 dissolved the commission" }, { "label": "CFTC — advance notice of proposed rulemaking on prediction markets (12 Mar 2026)", "url": "https://www.cftc.gov/PressRoom/PressReleases/9194-26", "note": "Release 9194-26" }, { "label": "CFTC — staff advisory on mention-market contracts (22 Sep 2026)", "url": "https://www.cftc.gov/PressRoom/PressReleases/9302-26", "note": "Heightened manipulation risk" }, { "label": "PYMNTS — Polymarket faces CFTC probe (28 Jun 2026)", "url": "https://www.pymnts.com/legal/2026/polymarket-faces-cftc-probe-and-deals-with-3-million-hack/", "note": "Summarises CNBC's 26 June report" }, { "label": "U.S. Court of Appeals, Sixth Circuit — KalshiEX v. Schuler and KalshiEX v. Orgel, Nos. 26-3196 and 26-5235 (25 Sep 2026)", "url": "https://www.opn.ca6.uscourts.gov/opinions.pdf/26a0272p-06.pdf", "note": "Ohio's denial of an injunction affirmed, Tennessee's grant vacated; recommended for publication" }, { "label": "U.S. Court of Appeals, Third Circuit — KalshiEX v. Flaherty, No. 25-1922 (6 Apr 2026)", "url": "https://www2.ca3.uscourts.gov/opinarch/251922p.pdf", "note": "Precedential opinion upholding Kalshi's preliminary injunction against New Jersey" }, { "label": "U.S. Court of Appeals, Fourth Circuit — KalshiEX v. Martin, No. 25-1892, docket", "url": "https://www.courtlistener.com/docket/71042736/kalshiex-llc-v-john-martin/", "note": "Argued 7 May 2026; undecided at 27 September" }, { "label": "U.S. District Court, District of Nevada — remand order in Nevada v. Blockratize (2 Mar 2026)", "url": "https://storage.courtlistener.com/recap/gov.uscourts.nvd.179406/gov.uscourts.nvd.179406.41.0.pdf", "note": "Recites the 16 January suit and the 29 January state-court restraining order" }, { "label": "U.S. District Court, District of Minnesota — order granting preliminary injunctions (27 Jul 2026)", "url": "https://www.govinfo.gov/content/pkg/USCOURTS-mnd-0_26-cv-02661/pdf/USCOURTS-mnd-0_26-cv-02661-0.pdf", "note": "In the CFTC's, Kalshi's and Polymarket US's cases" }, { "label": "U.S. District Court, Western District of Michigan — QCX v. Nessel, order denying a preliminary injunction (17 Jun 2026)", "url": "https://storage.courtlistener.com/recap/gov.uscourts.miwd.119537/gov.uscourts.miwd.119537.41.0.pdf", "note": "Appeal in the Sixth Circuit, No. 26-1552" }, { "label": "Wisconsin v. QCX LLC, W.D. Wis. 3:26-cv-00375, docket", "url": "https://www.courtlistener.com/docket/73240102/state-of-wisconsin-v-qcx-llc/", "note": "Removed 24 April 2026; checked against the docket index only" }, { "label": "Kentucky v. QCX LLC, E.D. Ky. 3:26-cv-00047, docket", "url": "https://www.courtlistener.com/docket/73504311/commonwealth-of-kentucky-v-qcx-llc/", "note": "Removed 18 June 2026; checked against the docket index only" }, { "label": "City of Baltimore v. QCX LLC — complaint (13 Aug 2026)", "url": "https://dicellolevitt.com/wp-content/uploads/2026/08/Polymarket-City-of-Baltimore-Complaint.pdf", "note": "Consumer Protection Ordinance claims; removed to D. Md. 1:26-cv-03253" }, { "label": "King County Superior Court — amended order granting Washington a preliminary injunction against Kalshi (12 Aug 2026)", "url": "https://agportal-s3bucket.s3.us-west-2.amazonaws.com/Consumer%20Protection/64_OrdGrantAmendMtnPI.pdf?VersionId=a9FvcaBwWpQETWxbKUdHL1jqjTOD6XAi", "note": "Sports, election and other listed contracts barred in Washington" }, { "label": "Vultax: Prediction market lawsuit tracker", "url": "https://vultax.com/research/prediction-market-lawsuit-tracker", "note": "All 50 cases, each checked against the court record" }, { "label": "Document-based research", "url": "https://vultax.com/datasets/research-proof-library-2026-10-25/articles/is-polymarket-legal-in-the-us-2026.md", "note": "No Lean proof. Document-based research; its factual and legal claims are not covered by a Lean proof." }, { "label": "Per-article scope records and Lean package", "url": "https://vultax.com/datasets/research-proof-library-2026-10-25/README.md", "note": "Dated per-article scope records, Lean source, frozen permitted public inputs, checker logs and a reproducible ZIP. Covers only the scope stated in each record, not the whole study." } ], "measurement": { "kind": "reference", "temporalCoverage": "2022-01/2026-09", "population": null, "methodology": "Venue facts compiled from regulator orders, company releases and documentation, and press reports, read 12 September 2026." }, "id": "two-venues-table", "kind": "published-table", "description": "Polymarket US runs on a CFTC-registered exchange and names no restricted state; polymarket.com is closed to all Americans. Two of three federal appeals courts have sided with the states, and three Supreme Court petitions are pending. State by state, with California and Texas, to 27 September 2026.", "articleUrl": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026", "sectionUrl": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026#two-venues", "publishedAt": "2026-09-14", "modifiedAt": "2026-10-27", "version": "efb00f20242a5991c8baff3190923b6803e9d840a1bccafecbed5630fb575d4b", "isLive": false, "limitations": "Published research snapshots and calculations; these exports do not contain current quotes or live account data. Observation windows and populations are stated in the source captions and methodology. Missing metadata is unknown, not zero. Describes court decisions, regulatory actions and venue documents up to 27 September 2026; complaints are allegations, most rulings are on preliminary relief, and items marked reported rest on press coverage. Nothing here is legal or financial advice.", "downloads": { "json": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026/data.json?dataset=two-venues-table", "csv": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026/data.csv?dataset=two-venues-table" } } ] }