Why is Polymarket legal? I just don't understand.
It and Kalshi are not. But we don't have regulators that want to enforce the law here.
Polymarket in particular started out using crypto and off shoring with a "not legal in the US, wink wink" to get try and dodge regulations.
For a while it wasn’t in the US. They now have a cut-down version. But a lot of people use VPNs to access the less-restricted international version. So to answer your question, a lot of users are using it in a way that’s illegal.