Polymarket
has started accepting real bets from select US users as the crypto-based
prediction platform tests its American exchange ahead of a full reopening next
month.
The
platform is running what founder Shayne Coplan calls a beta test, matching
actual trades between users on event outcomes.
Speaking at
Cantor Fitzgerald’s Crypto & AI Infrastructure Conference in Miami, Coplan
said the exchange is “actually live and operational” with people
being onboarded to place bets on real contracts.
The soft
launch marks Polymarket’s return to American soil after leaving in 2022 when
the Commodity Futures Trading Commission (CFTC) hit
the company with a $1.4 million fine for operating without proper licenses.
The platform spent three years offshore before buying
QCX, a firm with CFTC approval to run a derivatives exchange and
clearinghouse.
Competition Intensifies
for Prediction Market Share
The timing
puts Polymarket in a crowded field. Kalshi
has served US customers for years, while FanDuel announced Wednesday it
will roll out its own
prediction market product in December, partnering the derivatives giant CME.
The sector has attracted renewed attention after Polymarket processed billions
of dollars in election-related bets during last year’s presidential race.
Earlier
this month, two cryptocurrency exchanges also announced plans to enter the
space: Crypto.com
made its move in early November, followed last week by
Gemini, the exchange founded by the Winklevoss brothers.
In
addition, Polymarket revealed a partnership with Yahoo Finance on Tuesday,
becoming the financial news site’s exclusive prediction market partner. Coplan
said “deep integrations” between the platforms are coming soon.
Polymarket is now the exclusive prediction market partner of @YahooFinanceDeep integrations coming soon 🔮 https://t.co/oOT8EbPtas
— Shayne Coplan 🦅 (@shayne_coplan) November 13, 2025
The company
positions itself differently from traditional sportsbooks by letting users
trade directly with each other rather than betting against the house. In
Polymarket’s exchange model, users set their own prices and can take either
side of an outcome, similar to how stock exchanges operate.
“I
don’t think anyone would argue that the sports book model is the optimal
model,” Coplan said. “There’s a monopoly on pricing. You trade
against the house every time and they can set whatever prices they want and to
make matters worse, if you make any money, they can ban you.”
Regulatory Path Clears
After Federal Scrutiny
Federal
agencies dropped separate investigations into Polymarket earlier this year,
removing obstacles to a US return. The Justice Department and CFTC both closed
their probes before the company acquired QCX’s regulatory approvals.
Coplan
claims the company moved faster than any previous entrant in getting a
CFTC-approved exchange operational. “Definitely a difficult task, but our
team has been incredible and made that happen,” he said.
The
platform has been shopping a funding round that would value it between $12
billion and $15 billion. Intercontinental
Exchange, which owns the New York Stock Exchange, committed up to $2 billion in
October. That investment made the 26-year-old Coplan one of the youngest
self-made billionaires.
Whether
Polymarket can convert its offshore user base and brand recognition into
domestic market share remains uncertain. The platform must compete against
entrenched gambling operators with established customer bases while navigating
state-by-state wagering regulations that vary across the country.
Not to
mention another pressing issue that many seem to overlook: is this even trading
anymore?
This article was written by Damian Chmiel at www.financemagnates.com.
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