Polymarket Could Be Live in US by End of November

• Sports contracts expected to be point of emphasis in US return
• Polymarket could be available in this country by end of November on a limited basis
• Company was banished from the US in 2022

Polymarket could be live in the US by the end of November, adding a new player to this country’s football-fueled prediction markets madness.

Citing unidentified sources with knowledge of the matter, Bloomberg reported earlier Tuessday that Shayne Coplan’s company could return to the US by end of the next month, but the platform won’t immediately be available to all bettors and traders. The exchange operator is currently looking for beta testers and has a wait list.

It’s believed sports contracts will be central to Polymarket’s return to the US and the estimated timing of the company’s reentry into this market aligns with that speculation. Assuming the prediction market is operational here at some point next month, it’d capture the tail end of college football’s regular season while potentially benefiting the latter part of the NFL season and the ramping up of the NBA and college basketball.

If Polymarket reenters the US next month, it’d occur roughly a year after Coplan’s Manhattan apartment was raided by the FBI and more than three years after the company was banished from this country amid a regulatory flap with the Commodities Futures Trading Commission (CFTC).

Polymarket US Return Could Drive Valuation Higher

Speculation that Polymarket could be operating this country, albeit on a limited basis, next month arrives against the backdrop of soaring prediction market valuations.

Last week, rumors surfaced that Polymarket may be pursuing another capital raise at a valuation of $12 billion to $15 billion. Word is Kalshi – Polymarket’s primary rival – fresh off a funding round that pushed its valuation to $5 billion, may be in talks to raise more cash at a $10 billion to $12 billion to price point. By some estimates, more than 80% of Kalshi’s current turnover is derived from sports event contracts, perhaps underscoring why those derivatives are central to Polymarket’s US return.

The valuation gap between the two companies is, according to some industry observers, largely attributable to Polymarket being the more cryptocurrency-centric of the pair. Digital currencies, mostly stablecoins, are used for trading on the platform, which is backed by blockchain technology.

About Polymarket and Crypto…

Rumors of Polymarket’s potentially imminent return to the US aren’t lost on the crypto community. In fact, many in that space believe the prediction market giant’s reentry into this country is a precursor to it launching its own cryptocurrency and potentially conducting an airdrop.

It’s believed the “POLY” token is already in the works to some extent, but that effort is on the backburner until the company cements its return to this country.

That return comes amid surging prediction markets competition. For example, DraftKings (NASDAQ: DKNG) recently announced an acquisition setting the stage for DraftKings Predictions and on Tuesday, Trump Media and Technology Group (NASDAQ: DJT) and Crypto.com announced a partnership that will see the latter integrate event contracts on the former’s Truth Social platform.