Report: US users secretly wagered up to $34 billion through offshore prediction platforms

CoinFeed reported on June 12th that, according to The Block, consulting firm Crane Zeng released a report stating that US users traded between $11 billion and $34 billion through offshore prediction market platforms such as Polymarket and Myriad Markets. These platforms should theoretically restrict access for US users through geofencing, but users often bypass these restrictions using VPNs. The report states that Polymarket alone accounts for $11 billion to $27 billion, calling this a "conservative" estimate. The report predicts that by 2030, annual trading volume by US users in offshore prediction markets could increase to $133 billion. Data from the report shows that offshore prediction markets accounted for 84.4% of the industry's total trading volume in 2024, decreasing to 60.9% in 2025, but the total trading volume increased nearly fourfold.