Polymarket has introduced a mobile application in the U.S., providing users with a fresh avenue to place bets on sports events using real money, all under federal oversight, as the company declared on X this Wednesday.
The app is presently available for iOS, granting users access on a rolling basis through a waitlist. Support for Android is anticipated shortly, according to the company.
This development signifies a significant comeback for Polymarket in the U.S. after its regulatory challenges in 2022. The platform had been prohibited from operating domestically following a ruling by the Commodity Futures Trading Commission (CFTC), which found it had offered unregistered event-based derivatives, leading to a $1.4 million settlement and a shift towards compliance with regulations.
Now, with CFTC approval secured, Polymarket operates as an intermediated exchange under U.S. federal guidelines, akin to traditional commodities platforms. The company is positioning itself not merely as a sportsbook, but as a marketplace for trading on the outcomes of actual events.
Currently, the app is centered on sports, providing odds markets for significant games and tournaments. However, Polymarket intends to rapidly diversify into proposition bets.
Polymarket’s re-entry into the U.S. aligns with the rising interest in prediction markets as alternatives to traditional polling methods and expert opinions. Proponents suggest that these markets can reveal valuable insights into public expectations and sentiment, particularly in uncertain situations like elections, policy decisions, or economic developments.
Competitor Kalshi recently wrapped up a $1 billion funding round, elevating the company’s valuation to $11 billion.
