Polymarket is about to make a comeback in the United States. The platform plans to go live again at the end of November, this time with a clear focus on sports betting. The return is possible thanks to the acquisition of QCX, a company with valid CFTC licences.
The move follows Polymarket’s forced closure in the US in 2022. At that time, the company settled with the regulator for £1.4 million. The investigations against the platform have now been completed.
The popularity of prediction markets continues to grow after legal breakthrough
Interest in predictions is growing. This is partly due to Kalshi, a competitor that won a court case in 2024. As a result, that platform is now allowed to offer contracts on elections and other major events.
Polymarket sees new opportunities as a result. A waiting list has now been opened for American users. The platform says it is preparing for a full relaunch.
Polymarket’s spectacular growth had already been noticed in the sector. At the same time, the platform remains cautious in countries such as France, where it even blocked users due to regulations.
Major gambling companies lose market value after Polymarket news
Polymarket’s announcement had an immediate impact on the stock market. DraftKings shares fell by more than 9 per cent. Flutter, owner of FanDuel, also lost nearly 5 per cent.
There was panic, because Trump Media had also announced a partnership with Crypto.com earlier that day to enter the sports prediction market. Both pieces of news caused uncertainty among investors.
In the Netherlands, platforms such as Polymarket are still banned. The Gaming Authority considers them to be illegal providers of online gambling. This was recently confirmed again after controversy surrounding a TV clip about illegal betting that went viral.