Polymarket Bags Partnerships With PrizePicks, Yahoo Finance As Preparations For U.S. Return Gather Steam

The partnerships are pouring in for blockchain-based prediction market Polymarket as it prepares to reenter the U.S. 

Leading U.S. fantasy sports platform PrizePicks on Nov. 11 announced that it had inked a multiyear deal with Polymarket to offer users access to curated sports, entertainment and culture prediction markets. And just a day after Polymarket announced that it had become the official prediction market partner for Yahoo Finance.

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Polymarket blocked U.S. users following a 2022 settlement with the Commodity Futures Trading Commission for allegedly operating an "illegal unregistered or non-designated facility." However, the company is now expected to reopen its platform to U.S. users at the end of this month, Bloomberg reported in October. The move follows its acquisition of CFTC-licensed exchange QCEX in July.

Polymarket CEO Shayne Coplan on Nov. 12 said testing of the U.S. platform had already begun, Bloomberg reported.

“The U.S. exchange is actually live and operational and people are being onboarded,” Coplan reportedly said at Cantor Fitzgerald’s Crypto & AI Infrastructure Conference in Miami. “It’s effectively in a beta test.”

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Polymarket’s seemingly fanfare U.S. launch comes as it has, over the past year, become one of the biggest mainstream cryptocurrency application successes. The platform’s breakthrough came from its U.S. 2024 presidential election market, which attracted billions of dollars in volume and mentions alongside traditional polls.

After fully returning to the U.S., Polymarket intends to launch its native cryptocurrency POLY, Chief Marketing Officer Matthew Modabber confirmed last month.

Amid airdrop speculation, Polymarket has seen a spike in volume in recent months. The platform last month hit a record $3 billion in monthly volume and it may well be on its way to surpassing that this month, as the metric already sits at $1.4 billion, according to The Block Data.

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Polymarket’s growing traction has not gone unnoticed by investors. New York Stock Exchange parent Intercontinental Exchange (NYSE:ICE) last month announced it would invest up to $2 billion in the platform.

However, Polymarket is not without competition. Its main competitor, Kalshi, which has been operational in the U.S. since 2021, has beaten it in volume over the past 2 months. This trend looks likely to continue this month as Kalshi has already recorded over $2 billion in volume, according to The Block Data. 

Kalshi last month announced that it had raised $300 million at a $5 billion valuation.

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