The prediction platform Polymarket has begun its relaunch in the United States, announcing that waitlisted users will be the first to access its U.S. application.

In a post on X on Wednesday, Polymarket stated that it will open its U.S. application to waitlisted users, starting with sports event contract betting, "followed by all markets."

The official launch comes about three months after the U.S. Commodity Futures Trading Commission (CFTC) issued a no-action letter to Polymarket, paving the way for the launch of its services in the U.S.

The full reopening of Polymarket to the U.S. market could potentially value the company at up to $10 billion. At the time of the announcement, Kalshi completed a $1 billion funding round at a valuation of $11 billion, intensifying competition between the platform and Polymarket.

In 2024, activities in prediction markets like Kalshi and Polymarket are expected to surge significantly, partly due to interest in event contracts related to the U.S. elections.

Reports indicate that cryptocurrency exchange Coinbase is developing a platform supported by Kalshi. In October, Trump Media and Technology Group, co-founded by former U.S. President Donald Trump, announced that it would enable prediction markets through its Truth Social platform.

According to Token Terminal data, Kalshi and Polymarket remain the two largest prediction platforms by trading volume, followed by SX, BetSwirl, and Azuro. Kalshi's trading volume in October was approximately $4.4 billion, while Polymarket's was slightly above $3 billion.

It has been reported that after receiving an influx of investor funds, Polymarket could soon reach a valuation of $15 billion.

Related: Trust Wallet under CZ partners with Myriad to launch prediction markets

Original: “Polymarket Opens U.S. Application to Waitlisted Users After CFTC Approval”

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