Polymarket Launches App With CFTC Green Light in U.S. Return

Polymarket has made a significant move by launching its mobile app in the United States, providing users a new platform to bet on sports events using real money. This development comes after the company received approval from the Commodity Futures Trading Commission (CFTC), allowing it to operate under federal oversight.

The app is currently available for iOS users, with a gradual rollout through a waitlist system. Support for Android users is expected to follow soon. This launch represents a notable comeback for Polymarket in the U.S. market after facing regulatory hurdles in 2022.

Polymarket launches mobile app in the U.S. for sports betting and proposition markets

Previously, Polymarket was prohibited from operating in the U.S. after the CFTC discovered it was offering unregistered event-based derivatives. This situation led to a $1.4 million settlement and a shift towards regulatory compliance. Now, with the CFTC's formal approval, Polymarket is functioning as an intermediated exchange, similar to traditional commodities trading platforms.

CFTC approval paves the way for compliance and operations

Rather than positioning itself as a sportsbook, Polymarket aims to serve as a venue for trading on real-world outcomes. The app currently emphasizes sports, providing users with odds markets for significant games and tournaments. However, the company has indicated plans to quickly broaden its offerings to include proposition bets.

Current focus on sports betting with plans for future expansion

Polymarket's return to the U.S. market aligns with a growing interest in prediction markets as alternatives to traditional polling and expert opinions. Supporters of these markets suggest they can provide valuable insights into public expectations and sentiments, especially during uncertain times such as elections, policy changes, or economic events.

Rising interest in prediction markets amidst changing public sentiment

The increasing popularity of prediction markets is evident, with rival platform Kalshi recently concluding a $1 billion funding round, which has raised its valuation to $11 billion. This trend indicates a robust appetite for innovative market solutions that can better gauge public sentiment and expectations.