Select users in the US will be among the first to access the predictions platform to bet on sports event contracts, following clearance from a financial regulator for a relaunch.
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Prediction platform Polymarket has begun rolling out its relaunch in the United States, announcing that waitlisted users would be the first to access its US app.
In a Wednesday X post, Polymarket that it would be making its US app available to waitlisted users, beginning with bets on sports event contracts, “followed by markets on everything.”
The official launch came about three months after the US Commodity Futures Trading Commission (CFTC) to a crypto derivatives exchange and clearinghouse acquired by Polymarket, laying the groundwork for the launch of its US services.
Polymarket’s full reopening to US markets could a valuation of as high as $10 billion. The announcement came as Kalshi at an $11 billion valuation, keeping the platform in close competition with Polymarket.
Activity on prediction markets like Kalshi and Polymarket surged significantly in 2024, driven in part by interest in event contracts related to the US elections.
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Cryptocurrency exchange Coinbase is reportedly working on a platform backed by Kalshi. In October, Trump Media and Technology Group — the company co-founded by US President Donald Trump — said that it would through its Truth Social platform.
According to data from Token Terminal, Kalshi and Polymarket the two largest prediction platforms by trading volume, followed by SX, BetSwirl, and Azuro. Kalshi had about $4.4 billion in trading volume for October, with Polymarket coming in at just over $3 billion.
Polymarket could reportedly soon after an infusion of cash from investors.
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