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- Polymarket prepares to reopen in the U.S. after regulatory clearance.
- NHL partners with Polymarket and Kalshi in new market expansion.
- Polymarket confirms POLY token and airdrop following U.S. relaunch.
Polymarket is preparing to reopen access to U.S. users before the end of November, according to Bloomberg. This marks a significant return for the prediction market operator, which previously faced regulatory restrictions in 2022.
The relocation gets Polymarket back in a booming industry, which is still competing with traditional sportsbooks. Prediction markets are taking root in the U.S. betting scene as the federal licensing expands its reach.
Polymarket restructured following a 2022 settlement with the Commodity Futures Trading Commission that involved Polymarket paying a fine of 1.4 million dollars. The company also gained QCX, a licensed derivatives exchange and clearinghouse which gave the company the regulatory base required to get back into the domestic market.
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Prediction Platforms Strengthen Their Hold on the Market
Sports betting is one of the most important fields where prediction facilities take place. The National Hockey League has signed multi-year licensing contracts with Polymarket and its competitor Kalshi earlier this month. These deals are the first collaborations between a large American sports league and prediction exchanges, and would form direct competition with other established sportsbooks like DraftKings and FanDuel.
There has also been a great increase in trading volumes. The Block data indicates that Polymarket and Kalshi have already conducted more than $6.3 billion worth of trading volume to date in October indicating the increased size of the event-based trading market.
Rising Valuations Signal Investor Confidence
Intercontinental Exchange (ICE) has invested heavily in Polymarket and it values the company at almost $9 billion. Its nearest competitor, kalshi, recently secured $300 million at a valuation of $5 billion and is also reportedly being offered a deal that would take the value to approximately $12 billion.
Truth social, which is a media company created by Trump Media, also declared a joint venture with Crypto.com to introduce a new event-trading product in its platform called Truth Predict. Cryptocurrency.com CEO Kris Marszalek claims that the prediction market business has a significant growth potential.
Polymarket’s Token and Airdrop Plans Ahead of U.S. Relaunch
Before it is relaunched, Polymarket has launched a waitlist among U.S. users. According to onchain data, there is an 89 percent probability that the rollout will occur by the end of 2025, and the trading volume of rollout on markets tracking the rollout will be more than $5 million.
Chief Marketing Officer Matthew Modabber affirmed that Polymarket will launch a POLY token and a drop of airdrop after launching in the U.S. The airdrop will see the most active users of the platform compensated, and the token will potentially have a functional utility in the ecosystem.
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