Prediction market platform Polymarket has announced that its annualized revenue has surged well above $1 billion, the company shared exclusively with CNBC. This milestone comes just six weeks after the platform lifted the waitlist for its U.S. exchange, which operates separately from its international decentralized finance platform.
The FIFA World Cup has been a major catalyst, sending trading volumes soaring across prediction markets. On Polymarket's U.S. platform, daily volume jumped from around $50 million in mid-May to over $200 million on June 20. The international platform also hit all-time highs in weekly trading volume amid the World Cup boom, recovering from declines in April and May.
Polymarket's U.S. exchange launched in December, following a 2022 prohibition from operating in the country due to registration issues with regulators. In July, the CFTC and DOJ dropped investigations without charges, and Polymarket U.S. now operates as a CFTC-regulated exchange. The U.S. platform was waitlisted until six weeks ago, when access was opened via the mobile app; a desktop version is still unavailable.
"Polymarket is a product-led company," a spokesperson said. "We spent the last five years building the world’s largest prediction market, and understanding how people engage with markets at scale. We are applying those learnings to our U.S. platform, where our focus is on intuitive market experiences, institutional-grade liquidity and a consumer experience that sets the standard for the category."
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