Polymarket will likely start initial US relaunch in November: Report

Prediction platform Polymarket is reportedly eyeing launching trading services in the United States in a matter of weeks.

According to a Tuesday Bloomberg report citing people familiar with the matter, Polymarket plans to initially launch limited trades available to US residents before the end of November, with an emphasis on sports betting. 

The relaunch report came about two months after the US Commodity Futures Trading Commission (CFTC) said it had issued a no-action letter to a crypto derivatives exchange and clearinghouse acquired by Polymarket. This move set the stage for the company to “go live in the USA,” according to CEO Shayne Coplan.

Source: Polymarket

Reports from September suggested that, should Polymarket reopen to US markets, the company could have a valuation as high as $10 billion. As of June, the predictions platform was valued at about $1 billion following a $200-million funding round.

Related: Predictions platform Kalshi sues NY regulator, claiming overreach

As of Tuesday, Polymarket’s website showed a waitlist, saying that it would “soon be available for US traders.” Cointelegraph reached out to the company for comment, but had not received a response at the time of publication. 

US president moving into prediction market business

On Tuesday, Trump Media and Technology Group, the company co-founded by US President Donald Trump, announced plans to enable prediction markets through its social media platform, Truth Social. The social media company said it would be partnering with cryptocurrency exchange Crypto.com to join platforms like Kalshi and Polymarket in offering prediction markets to users.

Kalshi’s own legal battle with the CFTC may have paved the way for Polymarket’s return to the US. In 2023, the regulator ordered Kalshi to stop offering political event contracts, prompting an appeal that ended in the company’s favor.

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