Polymarket has received the all-clear from the Commodity Futures Trading Commission (CFTC) to go live in the US with its prediction markets. The regulator gave the green light on Wednesday; Polymarket previously exited the market over three years ago due to action from the CFTC.
$12m acquisition of CFTC-cleansed derivatives exchange QCEX paved the way
People will be able to trade contracts on many different types of events on the site, including sports, politics, and entertainment. Polymarket is the world’s biggest prediction platform, and its $12m acquisition of CFTC-cleansed derivatives exchange QCEX paved the way for its approval on Wednesday.
Sports betting operators and state lawmakers across the country are still battling against the rise in popularity of these prediction platforms. Many believe that they are akin to gambling and should fall under the purview of sportsbook regulators rather than the CFTC.
Polymarket joins fellow prediction site Kalshi as legit operators in the US, with employees of the two firms exchanging words following the most recent announcement:
Daily fantasy sports operator Underdog is also getting in on the action, announcing a partnership with Crypto.com on Tuesday that will see it integrate prediction markets directly into its app. Leading sportsbook brands like DraftKings and FanDuel are also closely monitoring the ever-changing landscape.
