Polymarket Begins U.S. Launch for Waitlisted Users
The predictions market kingpin is kicking things off with sports markets betting.
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.
David Christopher
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
