Polymarket goes LIVE in US after six-month wait
Table of contents
- Polymarket opened its US iOS app to all users on May 12, ending an invitation-only waitlist in place since the platform first accepted trades in October 2025.
- The US platform launched with sports contracts covering the NBA, NHL, MLB, UFC and soccer, with plans to expand into politics and other categories.
- Polymarket trails rival Kalshi in US volume but holds a commanding share of global politics markets.
Prediction market operator Polymarket has ended the waitlist for its US iOS app, granting open access to American users more than six months after the platform first processed trades on its CFTC-registered exchange.
The app now shows odds on the homepage without requiring an invitation code, first reported on May 12. Polymarket US has not yet launched an Android app or a web version.
A slow return
Polymarket’s US re-entry began in July 2025, when it acquired CFTC-licensed exchange and clearinghouse QCEX for $112 million, absorbing its federal derivatives licence and clearing the regulatory path for a domestic relaunch.
The move followed a 2022 CFTC enforcement action that resulted in a $1.4 million civil monetary penalty and required the platform to wind down noncompliant markets, effectively blocking US users at the time.
CEO Shayne Coplan said in September 2025 that the platform had a “green light” to launch ahead of the NFL season. The platform first processed US trades in October 2025 at low volume, began rolling users off the waitlist in December, and only removed the requirement entirely on May 12.
The protracted rollout drew scrutiny. The Information reported that Polymarket US had been struggling with turnover, banking issues and questions about leadership, and that US CEO Justin Hertzberg, previously CEO of QCEX, had been the chief executive “in name only.”
Per the same report, the company has since overhauled its senior ranks, bringing in new leadership for US operations, regulatory affairs and compliance.
Regulatory friction has not been confined to the US. Romania’s gambling regulator secured a court ruling confirming its blacklisting of the platform, the Dutch regulator issued an ultimatum over compliance, and Argentina moved to ban the platform following a controversy over inflation data markets.
How sports contracts work
Polymarket operates as a peer-to-peer exchange rather than a traditional sportsbook. Users buy and sell yes/no event contracts priced in USDC, a stablecoin pegged to the US dollar, with each contract settling at $1 if the predicted outcome occurs and $0 if it does not.
A contract priced at $0.60 reflects the market’s collective view that an outcome has a 60% probability of occurring. Prices shift in real time as traders buy and sell based on new information, from injury updates to lineup changes. Users can exit positions before settlement to lock in gains or limit losses without waiting for the final result.
The US platform launched with sports markets covering the NBA, NHL, MLB, UFC, soccer and more than 20 other sports, offering moneyline, spread and totals-style contracts. Both single-game markets and futures contracts are available, with broader categories including politics expected to follow once the sports-led rollout is established.
Volume gap with Kalshi
Despite returning to the US, Polymarket faces a significant competitive gap with market leader Kalshi.
Kalshi posted its highest single-week notional volume on record during the week ending May 4, tallying $4.13 billion, up 8.5% week-on-week. Polymarket fell 6.2% over the same period to $1.60 billion, its lightest week since late March, leaving Kalshi with 72.1% of combined notional volume between the two platforms.
Kalshi raised $1 billion in a new funding round led by Coatue Management at a $22 billion valuation, per the New York Times. The company said its annualized trading volume has reached $178 billion, more than tripling over six months, with annualized revenue topping $1.5 billion.
Polymarket retains a structural edge in politics, holding 92.6% of combined cross-platform political notional volume per DeFi Rate for the same period. FIFA World Cup markets had already generated $327.2 million in 30-day trading volume, with 99.3% coming from Polymarket.
The platform is already building around the tournament, with LaLiga signing Polymarket as an official prediction market partner ahead of the competition. Polymarket also tightened its trading rules earlier this year after bets tied to Iran-related geopolitical outcomes drew regulatory attention, a sign that compliance pressure is likely to intensify as US access scales.
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