Prediction market platform Polymarket has opened a waitlist for U.S. traders as it prepares to restore domestic access before November ends. Bloomberg reported Tuesday that the company is focusing on sports betting as a key component of its American relaunch strategy, citing sources familiar with the development.
Market Landscape and Regulatory Advantages
Federal licensing has positioned prediction markets with an advantage over state-regulated sportsbooks in recent months. Polymarket and competitor Kalshi secured multi-year licensing agreements with the National Hockey League earlier this month, marking the first partnerships of this scale between a major U.S. sports league and event contract platforms.
The agreements intensify competition with established sportsbooks including DraftKings and FanDuel. Traditional betting operators now face federally regulated exchanges offering event contracts that function similarly to wagers, creating a new dynamic in the sports betting landscape.
Regulatory Compliance and Infrastructure
Polymarket's return follows its 2022 settlement with the U.S. Commodity Futures Trading Commission that resulted in a $1.4 million penalty and forced offshore operations. The company has since acquired QCX, a licensed derivatives exchange and clearinghouse, establishing the regulatory infrastructure necessary for domestic operations.
Market Growth and Investment
Trading volume across the prediction market sector has reached unprecedented levels. Polymarket and Kalshi processed over $6.3 billion combined throughout October. Intercontinental Exchange has invested in Polymarket at a valuation approaching $9 billion, while Kalshi raised $300 million at a $5 billion valuation and is reportedly considering acquisition offers near $12 billion.
Industry Expansion and Partnerships
Truth Social announced Tuesday a partnership with Crypto.com to launch Truth Predict, an on-platform event trading product from Trump Media. Earlier this month, Crypto.com CEO Kris Marszalek described prediction markets as positioned to become a multi-decade billion-dollar industry, adding momentum to the sector's expansion.
Future Plans and Token Utility
An on-chain market tracking Polymarket's domestic launch shows an 88% probability of rollout before 2025 ends, supported by over $5 million in trading volume. Chief Marketing Officer Matthew Modabber confirmed plans for a POLY token and airdrop following the U.S. launch, stating the goal involves creating a token with genuine utility and longevity.