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Polymarket is for informational and educational purposes only. We take no custody of anyone's money or cryptocurrency, extract no profits, nor do we host any markets ourselves. Polymarket displays existing markets live on the Ethereum blockchain (or sidechains) and is a graphical user interface for both visualizing data and market trends from on-chain activity, and interacting with said smart contracts directly via your Web 3 enabled wallet.
Comment
PromiseLand
SBR MVP
08-30-12
2444
#3
Poly is legit but that whole we "extract no profits" line is BS. They take 2% on any bet you make win or lose. Say you want to bet on Biden to be prez at the end of June in this market: https://polymarket.com/market/will-j...n-june-30-2021. It's trading at 99c so if you make this bet right now and it wins, you still lose money because of their fees. The ETH fees can get ugly too w/ $ transfers (I've seen em over $100) but they fluctuate quite a bit.
Poly does offer great markets though and they leave em all open til games are over so you can live bet and sell out of your position if you ever want to cut losses on a game or switch your money over to the other team.