Polymarket Expands Canadian Restrictions as Alberta Launches iGaming Market

Prediction market platform Polymarket has expanded its Canadian restrictions by updating its terms of service to block access in Alberta, British Columbia and Quebec, alongside its existing Ontario ban.

The revised terms, published on 6 July, come just before Alberta officially launched its regulated iGaming market. Alberta iGaming Minister Dale Nally confirmed that Polymarket chose to withdraw from the province on its own initiative.

“Polymarket made the decision themselves to geo-fence themselves out,” Nally said. “I think that was good news.”

He encouraged players to use platforms authorised through the Alberta iGaming Corporation, stressing the importance of choosing locally licensed and regulated operators. Alberta’s market launched on Monday, with more than 20 sportsbook and online casino brands becoming available from the first day.

Ontario enforcement influences Polymarket’s Canadian strategy

Polymarket is already serving a two year ban in Ontario after reaching a settlement with the Ontario Securities Commission last year. The company admitted it had breached provincial securities rules by offering short term yes or no binary contracts. 

Despite the settlement, Polymarket has continued marketing activities, including sports partnerships targeting Canadian audiences. The Ontario Securities Commission has a long history of enforcement activity, completing more than 480 actions between 2003 and 2025. Available sanctions include financial penalties, trading bans, operating restrictions and prison sentences for the most serious offences.

The developments illustrate the different regulatory approaches emerging across Canada’s provinces as authorities deliberate how prediction markets fit within existing gambling and financial services frameworks.

Kalshi adopts a different route into the Canadian market

While Polymarket has reduced its Canadian footprint, Kalshi has entered the market through a partnership with Toronto based Wealthsimple. The agreement allows Canadian users to access event contracts complying with Canadian Investment Regulatory Organisation rules. 

However, only contracts linked to economic forecasts, environmental outcomes and financial indicators are permitted. Political events and sports related contracts remain prohibited. CIRO rules also require settlement periods of at least 30 days, preventing the short-term markets commonly associated with sports betting.

Wealthsimple Predict is expected to launch later this summer with around 4,000 Kalshi event contracts. Currently, Wealthsimple and Interactive Brokers Canada are the only firms authorised to offer these products.

Canadian regulators monitoring a rapidly evolving market

The Canadian Investment Regulatory Organisation and the Canadian Securities Administrators reaffirmed earlier this year that they will continue overseeing prediction markets and may introduce further guidance or restrictions where necessary.

The CSA coordinates securities regulation across Canada’s provinces and territories, although enforcement differs between jurisdictions. Alberta’s framework, for example, specifically prohibits betting on political elections.

Prediction markets have expanded globally throughout 2026, with monthly trading volumes exceeding $23.9 billion. However, regulatory frameworks are still fragmented, leaving operators to adapt their products to the rules of each market.