Guide
How to track your prediction-market & betting P&L for taxes
Winnings from prediction markets and crypto betting are generally taxable, and on-chain activity (Polymarket on Polygon) leaves a record your tax authority can see. The easiest way to stay compliant is to connect your wallet/exchange to crypto tax software that auto-imports every transaction and computes gains. Here's how, and what to keep.
Tools that make this easy
Some links are affiliate links — see our disclosure. WeeBet doesn't accept wagers.
Why it matters
Gains from event contracts and crypto are reportable in most jurisdictions, and self-custody/on-chain trades are transparent. Reconstructing a year of trades by hand is painful — automating it from day one saves you at tax time.
Connect your wallet + exchanges
Crypto tax tools read your public wallet address and exchange API keys, import every deposit, trade, and withdrawal, and classify them. Connect the wallet you fund Polymarket with, plus any exchange/on-ramp you used.
Keep your own log too
Software is a great start, but keep a simple record of large deposits, withdrawals, and resolutions. WeeBet's tracker (coming soon) will let you log positions and P&L in one place.
FAQ
Are prediction-market winnings taxable?
In most jurisdictions, yes — treat gains as taxable income/capital gains and keep records. Rules vary; consult a professional. WeeBet is not tax advice.
How do I track on-chain (Polymarket) activity?
Connect the wallet address you use for Polymarket to crypto tax software — it auto-imports your Polygon transactions and computes gains.