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Are prediction markets legal in Canada? Polymarket, Kalshi and the alternatives

Short answer: Mostly not with real money. Most of Canada has banned binary options lasting less than 30 days since 2017, and the only regulator-approved way to trade prediction markets for real money is through a CIRO dealer, limited to economic, financial and climate contracts. Polymarket is blocked in Ontario, Quebec, British Columbia and Alberta, Kalshi lists Canada as a restricted country, and play-money markets like VPX are open to everyone.

Last updated September 25, 2026. This is general information, not legal advice.

In this guide

Can Canadians use Polymarket?

Not in the four largest provinces.

  • Ontario. In April 2025 the Ontario Securities Commission settled with Polymarket's operators, Blockratize Inc. and Adventure One QSS Inc. The OSC found they offered binary options to Ontario investors from June 2020 to May 2023 in breach of the binary options ban. They paid a $200,000 administrative penalty, a voluntary payment of US$22,966.75 and $25,000 in costs, and took two-year bans from Ontario's capital markets.
  • Undertaking. As part of the settlement the operators promised the OSC to keep Ontario residents off Polymarket.
  • Quebec, British Columbia and Alberta. In July 2026 Polymarket added these provinces to its restricted list. Its geoblock documentation now lists Ontario, Quebec, British Columbia and Alberta as "close-only": you can close positions you already hold but cannot open new ones.

Polymarket has not blocked the other provinces and territories. That is not the same as a regulator approving it, and the binary options ban still applies across most of Canada (see below).

Can Canadians use Kalshi?

Not directly. Kalshi's member agreement names Canada as a "Restricted Jurisdiction" where members may not trade event contracts.

There is an indirect route. In June 2026 Kalshi and Wealthsimple announced Wealthsimple Predict, an app that gives Canadian residents access to about 4,000 Kalshi contracts on economic indicators, financial markets and climate. The app went live in July 2026. Every contract must run at least 30 days, trades are in US dollars, and there are no sports or politics markets.

What rules apply?

Three layers matter.

  1. The binary options ban. Since December 2017, Multilateral Instrument 91-102 has banned advertising, offering, selling or trading binary options with a term under 30 days to individuals. A yes/no contract on an event is a binary option. Every province and territory adopted the rule except British Columbia, which covers binary options under its own BC Notice 2017/02.
  2. Dealer approval. Longer event contracts can reach Canadians through investment dealers regulated by the Canadian Investment Regulatory Organization (CIRO), under terms set with the securities regulators. Two dealers are approved so far: Interactive Brokers Canada since April 2025, and Wealthsimple since March 2026. Both are limited to economic, financial and climate contracts.
  3. The August 2026 guidance. On August 27, 2026 the Canadian Securities Administrators and CIRO published Joint Staff Notice 91-307. It says securities regulators will oversee event contracts on economic, environmental and financial indicators, and that sports and entertainment contracts should not be regulated as securities or derivatives. CIRO will not approve its dealers to offer them. The regulators say more guidance on other categories is coming.

What about sports and elections?

Is there a legal way to trade prediction markets in Canada?

Yes, three of them:

  • A CIRO-approved dealer. Wealthsimple Predict or Interactive Brokers Canada, for real money on the economy, markets and climate.
  • A provincial sportsbook. For sports.
  • Play money. For everything else, including elections, pop culture, local news and your group chat's arguments.

The Vancouver Prediction Exchange is a Canadian play-money option. It uses a real limit order book: YES and NO shares trade from 1¢ to 99¢, and a winning share pays 100¢. Everything is in T$, which cannot be bought, sold or cashed out. There are no deposits and no payouts. VPX is not licensed or regulated by any securities or gaming authority. It is play money only, so nothing of real value changes hands. See the regulation page for details.

What you can do on VPX:

For a side-by-side look at fees, APIs and availability, see VPX vs Polymarket vs Kalshi vs Novig vs Manifold.

Are prediction markets legal in Canada? Polymarket, Kalshi and the alternatives | VPX Blog