Polymarket Makes a Strategic Comeback in the US with a Beta Launch

Polymarket has started the live testing of its US exchange, gradually bringing in a select group of users and executing actual trades as it prepares for a more comprehensive re-entry into the American betting market.

Key Takeaways

Testing Phase: Polymarket is currently conducting a beta test of its US platform with a limited user group.
Increased Interest: Wagering on real-world events has gained popularity, especially since the last presidential election.
Market Adaptation: Polymarket aims to provide a marketplace model rather than a traditional casino approach.
Future Developments: The company hints at launching a native token, $POLY, which could rank among the leading cryptocurrencies by market value.
Regulatory Move: Polymarket's acquisition of QCEX positions it for compliance in regulated markets and underscores the importance of a stronger US presence.

Polymarket

In a recent conference in Miami, Polymarket founder Shayne Coplan revealed that the company’s US platform is up and running with a limited number of users participating in a beta phase, according to a Bloomberg report from Wednesday. The exchange is operational for these selected accounts as it finalizes the process for broader public access.

Earlier reporting in Bloomberg indicated that Polymarket intended to initiate this limited rollout in the US during November. This beta phase follows a restructuring period when Polymarket relocated offshore and paid a penalty of $1.4 million in 2022 to resolve allegations from the Commodity Futures Trading Commission (CFTC).

Rising Interest in Prediction Markets

Interest in betting on real-world events has surged since last year’s presidential election. Kalshi has offered services to US customers for several years, while FanDuel announced its plans to launch a prediction product in December. Polymarket is strategically aiming to leverage this growing demand with an exchange model that enables users to set prices and back different outcomes.

“It’s the fastest anyone has ever gotten to market,” Coplan stated. “Definitely a challenging task, but our incredible team made it happen.”

Strengthening Market Presence with Regulatory Backing

Earlier this year, Polymarket acquired QCEX, a firm approved by the CFTC to function as a derivatives market and clearinghouse. This acquisition followed the conclusion of investigations by both the Justice Department and the CFTC into the crypto-betting platform.

Polymarket positions itself as a marketplace rather than a casino. As Coplan explained, “I don’t think anyone would argue that the sports book model is optimal. There’s a monopoly on pricing. You trade against the house every time, and they can set whatever prices they want. What’s worse, if you win, they can ban you.”

Anticipating a $POLY Token Launch

The company is actively seeking new capital at a valuation estimated between $12 billion and $15 billion, following the announcement of up to $2 billion in investments from the Intercontinental Exchange. A successful return to the US market would significantly enhance Polymarket’s stature as it contends for mainstream attention in prediction trading.

Last week, Google Finance revealed plans to start displaying live data from Polymarket and Kalshi soon, beginning with Labs users, enabling them to inquire about future events and gain insights from collective opinions. This exposure could help normalize prediction pricing for a wider audience.

Moreover, speculation is rising regarding a potential native token. Last month, Coplan hinted at the introduction of a $POLY token, suggesting it could rank among the top cryptocurrencies by market capitalization, amid the growth of markets focused on elections, sports, and macroeconomic outcomes.

For cryptocurrency traders, a compliant presence in the US would mark a significant achievement. A beta phase that successfully demonstrates stable onboarding, reliable settlements, and meaningful liquidity could pave the way for a larger reopening amid increasing competition, pushing the sector toward clearer regulatory pathways and stronger consumer protections.