Explainers
Definitions and primers
Plain-English answers to the questions readers (and search engines) ask first. Dense, sourced, dated. Updated as the regulation moves.
Prediction markets
Is Polymarket legal in the United States?
Polymarket has been legally inaccessible to U.S. residents since a January 2022 CFTC settlement. Here's what that means for U.S. users and what legal alternatives exist.
How do event contracts work?
Event contracts are binary derivatives priced as implied probabilities, settling at $1 or $0 based on real-world outcomes. They're traded on CFTC-regulated exchanges like Kalshi and CME.
What are prediction markets?
Prediction markets let traders buy and sell binary event contracts priced by live auctions — not fixed odds. They're federally regulated by the CFTC, legal in all 50 US states, and distinct from traditional sportsbooks.
What is Kalshi?
Kalshi is the first federally regulated prediction market in the U.S., operating under CFTC oversight since 2020. Trade real-money event contracts legally in all 50 states via ACH.
What is Polymarket?
Polymarket is a decentralized prediction market on Polygon, settling trades in USDC. Blocked for US users since a 2022 CFTC settlement, it processed $3.5B+ in volume during the 2024 US election.
Crypto
What is provably fair gambling?
Provably fair gambling lets players cryptographically verify a casino didn't manipulate results. Standard on crypto platforms like Stake and BC.Game for in-house games — but not third-party slots.
What is a crypto casino?
Crypto casinos are online gambling platforms using cryptocurrency instead of fiat. They offer faster payouts and more anonymity but come with weaker player protections.
What is BC.Game?
BC.Game is a cryptocurrency casino launched in 2017 under a Curaçao licence. It offers 10,000+ titles, a daily free Lucky Spin, and its own JBXX token, alongside a history of security incidents.
What is Stake.com?
Stake.com is a Curaçao-licensed crypto casino launched in 2017, reporting ~$3B annual revenue. It accepts 20+ cryptocurrencies but is blocked in the US, UK, and several EU states.