Prediction Platform Polymarket Plans U.S. Relaunch with Focus on Sports Betting
Prediction platform Polymarket is reportedly preparing to launch trading services in the United States within the coming weeks. According to a Bloomberg report published Tuesday and citing sources familiar with the matter, Polymarket aims to initially offer limited trades to U.S. residents before the end of November, with an emphasis on sports betting markets.
This planned relaunch follows a significant development earlier this year when the U.S. Commodity Futures Trading Commission (CFTC) issued a no-action letter to a crypto derivatives exchange and clearinghouse recently acquired by Polymarket. This regulatory green light, according to Polymarket CEO Shayne Coplan, sets the stage for the company to “go live in the USA.”
Potential Valuation and Market Position
Reports from September indicated that, if Polymarket successfully reenters the U.S. market, its valuation could soar to as high as $10 billion. For context, the platform was valued at approximately $1 billion as of June following a $200 million funding round.
Currently, Polymarket’s website displays a waitlist for U.S. traders, stating that the platform will “soon be available” in the country. Cointelegraph reached out to Polymarket for comment but had not received a response at the time of publication.
US President Enters the Prediction Market Space
On the same day as the Bloomberg report, Trump Media and Technology Group—co-founded by former U.S. President Donald Trump—announced plans to introduce prediction markets through its social media platform, Truth Social. The company revealed a partnership with cryptocurrency exchange Crypto.com to offer users prediction market services alongside established platforms like Kalshi and Polymarket.
Legal Landscape: Kalshi’s Case and CFTC Decisions
Polymarket’s potential return to the U.S. market follows a notable legal development involving Kalshi, another major prediction platform. In 2023, the CFTC ordered Kalshi to cease offering political event contracts. Kalshi appealed this decision and ultimately prevailed, a legal outcome that may have paved the way for Polymarket’s relaunch in the U.S.
As the prediction market landscape evolves, these developments indicate increasing interest and regulatory clarity, opening new opportunities for platforms and traders alike.
Related: Predictions platform Kalshi sues NY regulator, claiming overreach
https://cointelegraph.com/news/polymarket-us-trading-relaunch-november?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
About the Author
