Polymarket readies US comeback with sports betting focus

Polymarket, the blockchain-based prediction market platform, is preparing to reenter the US with a focus on sports betting, Bloomberg reported. Initial trading could start by late November, with limited access during the rollout.

The relaunch marks a major comeback for the firm, which paid a $1.4 million CFTC fine in 2022 and moved offshore. Polymarket has since acquired QCX, a company holding CFTC exchange and clearinghouse licenses, after the DOJ and CFTC dropped investigations earlier this year. The firm is also targeting a valuation between $12 billion and $15 billion.