How to Bet on Polymarket? A Beginner’s Guide

Ever wish you could cash in on your instincts about the future? Like, who’s going to win the next election, whether Bitcoin will hit a certain price, or if your favorite team will take the championship?That’s exactly what Polymarket lets you do. It’s a decentralized prediction platform built on crypto, where you can bet on real-world events by buying shares in potential outcomes. If you’re right, you profit. If not, you lose your stake. It’s part betting, part trading, and all powered by the blockchain. And no, you don’t need to be a crypto expert to get started.In this beginner’s guide, I’ll walk you through every step—from setting up your wallet to placing your first bet. No confusing jargon, no guessing. Just a straightforward, no-stress way to dip your toes into prediction markets, and maybe even come out ahead.Imagine a place where you can bet on almost anything—from how many Tweets Elon Musk will have in the next week to whether Ethereum will hit $5,000 by the end of the year. That’s Polymarket in a nutshell.Polymarket is what’s known as a crypto-powered prediction market. Instead of placing a bet with a bookie or a sportsbook, you’re buying shares in outcomes on real-world events. The price of those shares reflects what people think the odds are. And if you’re right, you get paid when the outcome is resolved.But here’s the catch: Polymarket isn’t run by “the house.”There’s no middleman setting odds or taking a cut. It’s entirely peer-to-peer, and everything is powered by the blockchain (specifically, the fast and low-cost Polygon network). That means:You’re not locked into your bet either. You can buy in or sell out anytime, just like trading a stock.It’s fast, transparent, and (you guessed it) decentralized.Let’s break down the crucial steps for betting on Polymarket to get you started.Before you can start placing bets on Polymarket, you need a crypto wallet. Think of it as your personal key to the world of decentralized apps.A wallet stores your digital assets (like USDC) and connects you to platforms like Polymarket. Here are a few great options for beginners:Your wallet must support the Polygon network (not just Ethereum). Polygon is what Polymarket runs on. It’s faster and way cheaper than Ethereum for transactions.Most wallets will either prompt you to add the Polygon network or let Polymarket do it for you when you connect. Just make sure you’re on the Polygon (Matic) network before placing any bets.And one last thing: secure your wallet like your life depends on it. Write down your secret recovery phrase (usually 12 or 24 words), keep it offline, and never share it. Set up Face ID or a PIN if your wallet allows it.Polymarket doesn’t use Bitcoin or Ethereum for betting. It uses USDC, a stablecoin that’s always meant to equal $1. Why? Because it takes the wild crypto price swings out of the equation. You bet in dollars, not rollercoasters.Here’s how to get USDC on Polygon into your wallet:You’ll need a tiny bit of MATIC in your wallet, too. This pays for network fees (called gas), but don’t worry, it’s cheap. Even $1 worth of MATIC can cover dozens of transactions. Some exchanges let you withdraw MATIC directly, or you can ask a friend to send you a few cents worth to get started.You’ve got your wallet set up. You’ve got your USDC ready. Now it’s time to plug into Polymarket.Head over to polymarket.com and click “Sign Up” in the top-right corner. You’ll get two options:Once connected, Polymarket might ask you to:You’ll also be asked to sign a message in your wallet to confirm you’re the wallet owner. Don’t worry, this doesn’t cost anything. It just proves you’re legit and logs you in. After that, you’re in. Welcome to the marketplace.Even though your wallet is connected, Polymarket uses an internal balance system to make trading instant. Think of it like a poker game: you brought your wallet, but now you need to trade in your dollars for chips at the table.To deposit, click on your account or wallet icon and head to the Deposit section. Polymarket will show you a USDC deposit address—a long string of characters that starts with 0x. That address is unique to your account and only works with USDC on the Polygon network.Now open your preferred Web3 wallet (MetaMask, Coinbase Wallet, etc.), choose the amount of USDC you want to send, and paste in the deposit address. Confirm the transaction, and give it a minute.Polymarket may ask you to click “Confirm Deposit” after you’ve sent the funds. This helps sync the blockchain transaction with your account. Once it’s confirmed, your Polymarket balance will update and show the USDC you just deposited.At this point, you’re all set up. Your wallet is connected. Your funds are in. Time to explore the markets and make your first prediction.Now comes the fun part: browsing Polymarket’s live prediction markets.Click on the “Polymarket” tab at the top left of the page. You’ll find questions on just about everything—political elections, crypto prices, tech launches, sports matchups, and more. Each market is a question or a statement, like:Each question has outcomes (usually Yes/No or multiple choice) with prices next to them.Here’s how to read those prices:These prices update constantly, based on what traders are doing (just like stock prices). There’s no house setting the odds, it’s all user-driven. That’s one of the main reasons why Polymarket’s predictions are so accurate.Once you’ve found a market you believe in, it’s time to take a side.Placing a bet on Polymarket means buying shares in the outcome you think will happen.Here’s how to do it:And the best part is, you don’t have to wait until the end.If the price of your shares goes up (say from $0.30 to $0.60), you can sell them early and lock in your gains. If the market turns against you, you can also cut your losses. This flexibility is one of Polymarket’s biggest advantages over traditional betting.Once your bet is placed, it will appear under your positions, showing how many shares you hold, your average buy price, and your unrealized profit or loss.When you’re ready to take profits off the table, withdrawing from Polymarket is pretty straightforward.Go to your Portfolio, click on Withdraw, and enter the address you want to send your USDC to. This can be:Double-check that you’re using a Polygon USDC address. Sending to the wrong network can cause you to lose funds.Once you confirm the withdrawal, Polymarket processes it quickly. There are no withdrawal fees, you just pay a minimal network fee on Polygon, which is often just a fraction of a cent.After that:Either way, your funds are back in your hands.Before you dive too deep into prediction markets, I want to explain the legal landscape around Polymarket.First things first: Polymarket is not available for real-money use in the United States. This stems from a 2022 settlement with US regulators (specifically, the CFTC). If you’re based in the US, you can browse markets and prices, but you won’t be able to place actual trades with USDC.There are other countries where Polymarket is restricted as well, such as Singapore. However, there are ways to get around the fact that Polymarket is unavailable in your region.With that said, it’s still your responsibility to follow your local laws. Some regions may have restrictions on crypto gambling, prediction markets, or crypto usage in general.Polymarket is generally non-custodial and doesn’t require ID verification to get started. You can sign up with just a wallet or email. However, in some cases, like large withdrawals or flagged activity, you might be asked to verify your identity (KYC) to comply with local regulations.This is becoming more common across DeFi platforms, and it’s worth being prepared for.In most countries, yes. Winnings from prediction markets are often treated as income or capital gains, depending on how your local tax authority categorizes them. Keep track of your trades, bets, and payouts so you’re not caught off guard at tax time.I personally don’t like to risk it when it comes to taxes, so, when in doubt, speak to a tax professional who understands crypto.Polymarket is a powerful tool, but it’s also a form of betting. Even though it feels like trading, you’re still risking real money based on uncertain outcomes. That can be exciting, but it can also be addictive if you’re not careful.A few simple rules to keep yourself in check:You’ve just walked through everything you need to know to start betting on Polymarket. From setting up a wallet and loading it with USDC to placing your first prediction and cashing out your winnings, you’re ready.Let’s quickly recap the path:Polymarket can turn your curiosity into action. It’s fast and transparent. And, unlike traditional betting, it’s driven by a community, not a house. You’re not betting against the platform. You’re trading against the crowd.There’s always something to engage with, whether you’re into politics, crypto, sports, or something else. And it can actually sharpen your research skills and critical thinking. It’s fun, flexible, and (with the right mindset) incredibly educational.To find out whether you might qualify for a future Polymarket airdrop, take a look at our detailed overview.