Polymarket's US Relaunch: A Look at the Prediction Market Landscape

Prediction platform Polymarket has commenced its relaunch in the United States, announcing that waitlisted users will be the initial beneficiaries gaining access to its US application. In a recent X post, Polymarket stated its intention to grant US app access to waitlisted individuals, initiating with wagers on sports event contracts, and subsequently expanding to encompass "markets on everything." This official launch transpires approximately three months after the US Commodity Futures Trading Commission (CFTC) issued a no-action letter regarding a crypto derivatives exchange and clearinghouse acquired by Polymarket, paving the way for the introduction of its US services. A full-scale reopening to US markets could potentially elevate Polymarket's valuation to as high as $10 billion. This announcement coincides with Kalshi's completion of a $1 billion funding round, valuing the platform at $11 billion, thereby sustaining its close competitive relationship with Polymarket. Activity on prediction markets like Kalshi and Polymarket has witnessed a substantial surge in 2024, partly attributable to heightened interest in event contracts pertaining to the US elections. Cryptocurrency exchange Coinbase is reportedly developing a platform underpinned by Kalshi. Furthermore, in October, Trump Media and Technology Group, co-founded by former US President Donald Trump, disclosed plans to enable prediction markets through its Truth Social platform.

Polymarket and Kalshi: Surging Trading Volumes

According to data from Token Terminal, Kalshi and Polymarket remain the foremost prediction platforms as measured by trading volume, followed by SX, BetSwirl, and Azuro. Kalshi recorded approximately $4.4 billion in trading volume for October, while Polymarket registered just over $3 billion. Sources suggest that Polymarket could attain a valuation of $15 billion following a fresh influx of capital from investors.

Risk Warning: this article represents only the author’s views and is for reference only. It does not constitute investment advice or financial guidance, nor does it represent the stance of the Markets.com platform.When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice. Trading cryptocurrency CFDs and spread bets is restricted for all UK retail clients. 

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