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- Kalshi’s valuation skyrockets, attracting big investors and fierce competition.
- Polymarket’s $2 billion investment boosts its position in prediction markets.
- Kalshi partners with Robinhood to launch a football prediction market.
U.S.-controlled prediction market platform, Kalshi, has recorded a valuation of $12 billion. This marks a dramatic rise just weeks after the company raised over $300 million at a $5 billion valuation. According to sources, investors are now eager to back Kalshi at a valuation between $10 billion and $12 billion. The platform’s high market potential has attracted significant venture capital firms due to its rapid growth and expansion.
Polymarket, another rival platform, is also commanding massive attention, having raised $2 billion at Intercontinental Exchange and is now worth a whopping $9 billion. Polymarket, the company that had a hiatus in the U.S. in 2022, is about to restart. The interest in regulated prediction markets has been the driving force behind the revival of the platform, with substantial funding supporting it in the competitive market.
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Growing Focus on the Sports Betting Market
Kalshi and Polymarket are also placing a significant emphasis on the sports betting industry, which continues to grow. Kalshi has collaborated with Robinhood to start a football betting market. This enables users to bet on the results of professional and college football matches. The alliance reflects Kalshi’s strategic decision to attract the increasing number of sports betting customers.
Polymarket is not falling behind as it has stated that it intends to become the exclusive clearinghouse serving DraftKings in the event the sports betting powerhouse has its own prediction market. This collaboration would also solidify Polymarket’s position in the sports betting industry and expand its market presence.
Besides sports betting, Kalshi and Polymarket have signed several-year licensing contracts with the National Hockey League (NHL). Such arrangements suggest that the two platforms are expanding their presence in the sports industry.
Kalshi’s Ambitions in Cryptocurrency Markets
Kalshi is also targeting the larger cryptocurrency market. The Head of Crypto at the company, John Wang, announced that it plans to bring the prediction market at Kalshi to major crypto exchanges. This initiative will be implemented in the coming year, expanding the platform’s coverage.
As the competition continued to increase, the decision to value Kalshi at $12 billion made it a monopoly in the prediction market sector. The two platforms continue to innovate, propelling their development in a rapidly changing market.
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