Polymarket begins opening US app to users on the waitlist

Polymarket is beginning to roll out access to its U.S. app for users on its waitlist, marking its return to the U.S. market after the Commodity Futures Trading Commission (CFTC) banned it in early 2022 for operating an unregistered derivatives platform. The CFTC has since adopted a more permissive stance toward prediction markets, especially after a legal loss involving rival Kalshi. Polymarket secured official CFTC clearance to reenter the U.S. on November 25th, following its acquisition of the licensed derivatives exchange QCX over the summer. Founder Shayne Coplan stated the U.S. version will initially focus on sports betting before expanding to all market types. The company is competing in the growing sports predictions sector, securing partnerships with entities like PrizePicks and DraftKings, while Kalshi faces regulatory challenges in states like Nevada and New Jersey. Both platforms have seen significant growth, with Kalshi recently surpassing Polymarket in monthly volume.

(Source：The Block)