Polymarket Leaves Alberta, Two Other Canadian Provinces Before iGaming Launch

^{Before the Alberta iGaming market launched on July 13, Polymarket decided to withdraw from the province, along with two others. (Photo: Rokas Tenys / Alamy)}

Polymarket quietly exited three Canadian provinces earlier this month, restricting access to users in Alberta, British Columbia, and Quebec.

The update to Polymarket’s terms of service was published on July 6, just one week ahead of the launch of the regulated Alberta iGaming market on July 13. 

Polymarket Faces Regulatory Challenges in Canadian Markets

Dale Nally, the Minister of Service Alberta and Red Tape Reduction, confirmed the news during a launch-day event for the new Alberta iGaming market at the Royal Glenora Club in Edmonton.

“Polymarket made the decision themselves to geofence themselves out,” Nally told reporters. “I think that was good news.”

Polymarket has yet to comment on the decision. The specific reasons may differ between Alberta and the other two provinces involved, but regulatory concerns are the most likely trigger for the prediction market’s exit from those jurisdictions.

That was already the case in Ontario, where Polymarket is currently serving a two-year ban from the market. That was the result of a settlement with the Ontario Securities Commission, which found that Polymarket was offering short-term binary contracts, something the company admitted to in the agreement.

Prediction markets have a presence in Canada, but it is significantly limited when compared to in the United States, where they remain available in nearly all states despite an ongoing legal battle between state regulators and the Commodity Futures Trading Commission (CFTC). 

Kalshi Aiming for Limited Canadian Offering

In Canada, event contracts and similar financial instruments are overseen by the Canadian Investment Regulatory Organization (CIRO). Under CIRO regulations, event contracts can only be offered on financial indicators, economic forecasts, and environmental forecasts. This eliminates the major driver of prediction market revenue in the United States: sports-based contracts, which are also the most controversial offerings of the platforms. CIRO also prohibits contracts based on political events and requires that contracts have a settlement period of 30 days or longer.

Nonetheless, some major players in the prediction market space are targeting Canadian users. Kalshi has partnered with Toronto-based Wealthsimple to offer a limited selection of CIRO-approved event contracts in Canada, while Polymarket’s international offering remains available in several provinces.

Meanwhile, Alberta’s iGaming launch looked to be a success. A total of 22 online gambling sites went live on Monday, with over 50 brands having been registered with Alberta Gaming, Liquor & Cannabis (AGLC) so far.

During the launch event, Nally said the province expects to earn about $76 million during the first fiscal year from the commercial iGaming market, but warned that operators must play by the rules to maintain their presence in Alberta.

“To every operator entering Alberta’s regulated market, let me be very clear: operating in Alberta is a privilege, not a right,” Nally said. “We expect every operator to put player protection and social responsibility at the forefront of their operations…but operators that fail to meet our player protection and social responsibility requirements risk losing the ability to operate in this province.”