Polymarket U.S. App Opens to Waitlisted Users After CFTC OK

Prediction platform Polymarket has begun its phased U.S. relaunch, granting early access to waitlisted users, the company announced in an X post on Wednesday. The initial rollout covers sports event contracts, with additional markets to follow. The move comes roughly three months after the U.S. Commodity Futures Trading Commission (CFTC) issued a no-action letter to a crypto derivatives exchange and clearinghouse acquired by Polymarket, enabling the firm to proceed with U.S. services.

A full reopening in the United States could value Polymarket at up to $10 billion. The announcement coincided with Kalshi closing a $1 billion funding round at an $11 billion valuation, keeping the platforms in close competition.

Prediction markets such as Kalshi and Polymarket saw elevated activity in 2024, driven in part by interest in U.S. election-related event contracts. Coinbase is reportedly developing a platform backed by Kalshi, while in October, Trump Media and Technology Group said its Truth Social platform would introduce prediction markets.

Polymarket and Kalshi see trading volumes rise

According to Token Terminal data, Kalshi and Polymarket are the two largest prediction platforms by trading volume, followed by SX, BetSwirl and Azuro.

In October, Kalshi recorded about $4.4 billion in trading volume, while Polymarket reported just over $3 billion.

Polymarket could reportedly reach a $15 billion valuation following new investor funding.

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