{
  "schemaVersion": "vultax-public-research-data-v1",
  "articleUrl": "https://vultax.com/research/prediction-market-legality",
  "datasets": [
    {
      "title": "Kalshi, polymarket.com and Polymarket US are different products",
      "columns": [
        {
          "name": "Product",
          "unit": null
        },
        {
          "name": "Operator and footing",
          "unit": null
        },
        {
          "name": "Where its geographic rules are written",
          "unit": null
        }
      ],
      "rows": [
        [
          "Kalshi event contracts",
          "KalshiEX LLC, a CFTC-designated contract market in the United States",
          "Section VI of the member agreement: 55 restricted countries, plus places under US sanctions"
        ],
        [
          "polymarket.com (international)",
          "Blockratize, Inc., outside the US regulatory system; closed to new US trades",
          "Polymarket's developer documentation and its help page, which differ"
        ],
        [
          "Polymarket US",
          "QCX LLC, a CFTC-designated contract market, built for US residents",
          "The participant agreement excludes sanctioned places, places on the FATF lists and places that ban retail binary options; the US state position is in the [US guide](https://vultax.com/research/prediction-market-legality/united-states)"
        ]
      ],
      "measurementContext": "Read 30 October 2026 from each venue's own documents. These are the venues' rules, not findings about any country's law.",
      "sources": [
        {
          "label": "Kalshi: Member Agreement, Section VI, version of 1 Oct 2026 (read 30 Oct 2026)",
          "url": "https://kalshi-public-docs.s3.amazonaws.com/regulatory/agreement/kalshi_member_agreement.pdf",
          "note": "Kalshi's public regulatory copy; 55 places where trading event contracts is restricted, a list last changed on 22 June 2026. The venue's own policy, not a finding about local law"
        },
        {
          "label": "Polymarket documentation: geographic restrictions (read 30 Oct 2026)",
          "url": "https://docs.polymarket.com/api-reference/geoblock",
          "note": "Blocked, close-only and website-only close-only lists for polymarket.com; does not cover Polymarket US"
        },
        {
          "label": "Polymarket Help Center: geographic restrictions (read 30 Oct 2026)",
          "url": "https://help.polymarket.com/en/articles/13364163-geographic-restrictions",
          "note": "Updated 29 Oct 2026; headed 40 countries completely restricted but listing 41 codes, and differs from the developer documentation"
        },
        {
          "label": "Internet Archive copy of Polymarket's geographic-restrictions documentation (22 Sep 2026)",
          "url": "https://web.archive.org/web/20260922/https://docs.polymarket.com/api-reference/geoblock",
          "note": "Used only to date a change: Argentina is absent on 22 September and present on 30 October"
        },
        {
          "label": "Polymarket US documentation: what is Polymarket US (read 30 Oct 2026)",
          "url": "https://docs.polymarket.us/getting-started/what-is-polymarket-us",
          "note": "Describes Polymarket US as a CFTC-regulated exchange built for US residents"
        },
        {
          "label": "Polymarket US: individual participant and clearing member agreement (6 Aug 2026)",
          "url": "https://polymarketexchange.com/files/legal/latest/participant-agreement",
          "note": "Section II.8 excludes sanctioned places, places on the FATF lists and places that ban retail binary options or similar products; it names no US state"
        },
        {
          "label": "Polymarket US: app terms of service, effective 23 Oct 2026",
          "url": "https://polymarket.us/tos",
          "note": "QC Tech's app, separate from the QCX exchange and QC Clearing; section 3 sets age, eligibility and identity checks"
        },
        {
          "label": "Vultax: Is Polymarket legal in the US?",
          "url": "https://vultax.com/research/is-polymarket-legal-in-the-us-2026",
          "note": null
        },
        {
          "label": "Vultax: Prediction market lawsuit tracker",
          "url": "https://vultax.com/research/prediction-market-lawsuit-tracker",
          "note": "Every case Vultax follows, each checked against the court record"
        }
      ],
      "measurement": {
        "kind": null,
        "temporalCoverage": null,
        "population": null,
        "methodology": null
      },
      "id": "three-products-table",
      "kind": "published-table",
      "description": "A directory of 302 places with what Kalshi's member agreement and Polymarket's documentation say about each, kept apart from local law. Guides for the US, Canada, the UK and India, with more to come.",
      "articleUrl": "https://vultax.com/research/prediction-market-legality",
      "sectionUrl": "https://vultax.com/research/prediction-market-legality#three-products",
      "publishedAt": "2026-10-30",
      "modifiedAt": "2026-10-30",
      "version": "8bc2f0a2aad7f4d49ee1e5185f0f5cdf4bd804ebaae4e0f64b1cae892a312d31",
      "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. Records what Kalshi's member agreement and Polymarket's documentation said on 30 October 2026. A venue's list is its own policy, not a finding about local law, and a place it leaves off is not a place where trading is lawful. Nothing here is legal or financial advice.",
      "downloads": {
        "json": "https://vultax.com/research/prediction-market-legality/data.json?dataset=three-products-table",
        "csv": "https://vultax.com/research/prediction-market-legality/data.csv?dataset=three-products-table"
      }
    }
  ]
}