Cryptocurrency-based prediction platform Polymarket is looking to penetrate the Chinese market, despite the country’s stringent prohibitions on online gambling.
Polymarket Targets Asian Giant For Growth
Polymarket has recruited Mandarin-speaking employees and is offering bets related to the Lunar New Year to appeal to Chinese users, reported Rest of World, a technology-focused publication.
Justin Yang, who oversees Polymarket’s market entry strategy in Asia, said China has become a “very important geography for” the company.
Yang said Polymarket introduced several China-centric markets based on users’ feedback, including those tied to the Spring Festival Gala, which is broadcast annually on the eve of the Chinese New Year.
Exclusive Bets On China’s Spring Festival
One such market, “Which robot dancer brands will feature at the 2026 Spring Festival Gala?” recorded over $590,000 in trading volume.
Another market on whether Chinese singer Li Guyi will perform at the Gala logged roughly $42,800 worth of wagers.
Yang added that the Mandarin-speaking team is working to develop a Chinese-language interface for the site and monitoring search trends in China to add more culturally relevant topics for bets.
A Closed Market
Note that all forms of gambling and betting, except state-run lotteries, are illegal under national law in China.
Yang couldn’t say exactly how many Polymarket users are in China, but said the site draws “millions” of monthly visits from Asia-based users.
Needless to say, Chinese users might be accessing prediction markets via virtual private networks, much like Americans did before Polymarket secured U.S. regulatory approval.
Polymarket, based on Polygon (CRYPTO: POL), allows users to buy “Yes” and “No” shares in USDC (CRYPTO: USDC) stablecoin. The shares representing the correct outcome are paid out $1 USDC each upon market resolution.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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