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Polymarket began rolling out U.S. access to waitlisted users on Wednesday following CFTC approval.
What's the scoop?
- U.S. Reentry Secured: Polymarket restored U.S. access by acquiring licensed exchange QCX for $112M and obtaining CFTC approval on Nov. 25, which ended its 2022 ban for operating unregistered.
- Initial Focus: The U.S. version will launch with sports betting markets before expanding to broader event contracts.
- Competitive Landscape: Kalshi overtook Polymarket in trading volume in October, posting $5.81B against Polymarket’s $3.7B.
- Partnerships and Growth: Polymarket signed deals with PrizePicks and became DraftKings’ designated clearinghouse for a planned predictions platform, while both platforms pursue sports league partnerships.
Bankless Take:
While sports betting has certainly become the standout market for prediction markets — when there isn’t an election running of course — it’s a little disappointing, though understandable, to see focus so intently on this as its U.S. beachhead. While it will likely be quite successful, and is a smart strategy given Polymarket’s focused expansion through such channels like DraftKings and the UFC, I hope the market will make a concerted effort to be an arena for primary and midterm elections next year. It’s events like these where prediction markets truly shine.
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