Polymarket Makes US Comeback With CFTC-Approved Sports Betting App

TLDR

• Polymarket has launched its US app for waitlisted users after receiving CFTC approval, starting with sports betting markets
• The iOS app is rolling out now with Android support coming soon, marking the platform’s return after a 2022 regulatory ban
• Polymarket previously paid a $1.4 million settlement to the CFTC for offering unregistered event-based derivatives
• The platform plans to expand beyond sports into proposition and election markets after the initial sports launch
• Rival platform Kalshi recently raised $1 billion at an $11 billion valuation, while Polymarket could reach $10-15 billion

Polymarket has begun rolling out its mobile app to US users after receiving clearance from federal regulators. The prediction platform announced on Wednesday that waitlisted users can now access sports betting markets through its iOS app.

The launch marks Polymarket’s return to the US market after a three-year absence. In 2022, the Commodity Futures Trading Commission barred the platform from operating in the United States.

The CFTC found that Polymarket had been offering unregistered event-based derivatives to US customers. The company paid a $1.4 million settlement and agreed to stop serving American users.

Polymarket obtained a no-action letter from the CFTC in September 2024. This letter cleared the way for the platform to relaunch its US operations under federal oversight.

The company acquired a crypto derivatives exchange and clearinghouse to meet regulatory requirements. Polymarket now operates as an intermediated exchange under US federal rules.

iOS App Rolls Out First

The iOS app is currently available to users who joined the waitlist. Polymarket plans to release an Android version in the near future.

The app initially focuses on sports betting markets. Users can place bets on major games and tournaments using real money.

Polymarket says it will expand into proposition markets and election betting after the sports launch. The company described its roadmap as “markets on everything” in its announcement.

Competition Heats Up

The launch comes as prediction markets gain traction in the United States. Rival platform Kalshi recently closed a $1 billion funding round at an $11 billion valuation.

Polymarket’s full reopening could value the company between $10 billion and $15 billion. Reports suggest new investment could push the valuation higher.

Trading volume on both platforms surged in 2024. Interest in election-related betting drove much of the growth during the presidential campaign season.

October data from Token Terminal shows Kalshi processed $4.4 billion in trading volume. Polymarket handled just over $3 billion during the same period.

Coinbase is reportedly developing a prediction market platform backed by Kalshi. Truth Social, the platform co-founded by President Donald Trump, also announced plans to enable prediction markets.

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