Prediction platform Polymarket is reportedly preparing to launch trading services in the United States in the coming weeks.
According to a Tuesday report from Bloomberg, citing individuals familiar with the matter, Polymarket plans to initially offer limited trades to US residents before the end of November, with a particular emphasis on sports betting.
This relaunch report emerges approximately two months after the US Commodity Futures Trading Commission (CFTC) announced it had issued a no-action letter to a crypto derivatives exchange and clearinghouse that Polymarket acquired. This development was described by CEO Shayne Coplan as a step that set the stage for the company to "go live in the USA."
Previous reports from September indicated that if Polymarket were to reopen to US markets, the company could achieve a valuation as high as $10 billion. As of June, the predictions platform was valued at approximately $1 billion following a $200-million funding round.
US President's Company Enters Prediction Market Space
On Tuesday, Trump Media and Technology Group, the company co-founded by US President Donald Trump, announced its intention to enable prediction markets through its social media platform, Truth Social. The social media company stated it would collaborate with cryptocurrency exchange Crypto.com, joining platforms like Kalshi and Polymarket in offering prediction markets to users.
Kalshi's own legal dispute with the CFTC may have indirectly paved the way for Polymarket's potential return to the US market. In 2023, the CFTC had ordered Kalshi to cease offering political event contracts, leading to an appeal that ultimately concluded in the company's favor.
As of Tuesday, Polymarket's website displayed a waitlist, indicating that services would "soon be available for US traders." Cointelegraph reached out to the company for comment but had not received a response by the time of publication.