Prediction market operator Polymarket is preparing to reopen to U.S. users before the end of November, signaling a major comeback for the blockchain-based trading platform after years of operating overseas, Bloomberg reported Tuesday.
The move positions Polymarket at the heart of an increasingly competitive space where prediction markets and sports betting are rapidly converging. Unlike traditional sportsbooks that operate under state-level gambling laws, federally licensed prediction exchanges can offer a broader range of event contracts — from political elections to major sports outcomes — giving them a unique advantage.
A Regulatory Comeback
Polymarket’s U.S. return follows a two-year absence triggered by a 2022 enforcement action from the U.S. Commodity Futures Trading Commission (CFTC). The case led to a $1.4 million fine and temporarily forced the company offshore. Since then, Polymarket has worked to meet regulatory standards, including its acquisition of QCX, a licensed derivatives exchange and clearinghouse — a move seen as key to securing its reentry into the American market.
Sports Betting: The New Battleground
Sports betting is becoming a central front in the prediction market boom. Earlier this month, the National Hockey League (NHL) signed multi-year licensing deals with both Polymarket and its main rival, Kalshi. The partnerships mark the first time a major U.S. sports league has officially aligned with prediction platforms, potentially reshaping how fans engage with game outcomes.
This shift could put traditional sports betting giants like DraftKings and FanDuel under pressure, as federally regulated prediction exchanges begin offering event contracts that function much like wagers — but with broader legal flexibility.
Explosive Growth and Investor Confidence
The sector’s momentum has caught the attention of investors. Combined, Polymarket and Kalshi have processed over $6.3 billion in trading volume so far in October, according to data.
Polymarket has drawn backing from Intercontinental Exchange (ICE) — the parent company of the New York Stock Exchange — and is now valued near $9 billion post-money. Kalshi, meanwhile, recently raised $300 million at a $5 billion valuation and is reportedly fielding acquisition offers worth up to $12 billion.
Adding to the frenzy, Trump Media’s Truth Social announced a collaboration with Crypto.com to launch “Truth Predict,” an event-trading feature designed to tap into the same booming market.
“Prediction markets are poised to be a multi-deca-billion-dollar industry,” said Crypto.com CEO Kris Marszalek earlier this month.
Token Launch on the Horizon
Polymarket is also preparing to introduce its POLY token, accompanied by an airdrop designed to reward active users. Chief Marketing Officer Matthew Modabber confirmed that the rollout will follow the U.S. relaunch.
“There will be a token, there will be an airdrop,” Modabber said in a recent interview, emphasizing that the token will be built for “true utility and longevity.”
An onchain market tracking Polymarket’s U.S. launch currently assigns an 89% probability that the rollout will occur before the end of 2025, based on more than $5 million in trading volume.
The Bottom Line
Polymarket’s planned return marks a pivotal moment for both the prediction market and sports betting industries. As regulation catches up with innovation, the company’s relaunch — alongside partnerships with major sports leagues and new investor enthusiasm — could redefine how Americans trade on real-world events.
