Polymarket built a $14 billion US trading business almost entirely on sports bets
Polymarket’s US exchange recorded about $13.7 billion in face-value trading from Sept. 27 to Oct. 26, up 78% from the prior 30 days; sports contracts made up 98.2%. Face value counts each contract at $1 regardless of its purchase price. The concentration leaves the business exposed to possible restrictions on sports event contracts. The CFTC is reportedly examining Polymarket’s compliance with its 2022 settlement, including controls on US access to its separate offshore platform. The CFTC has also sued Utah amid a wider dispute over whether prediction markets fall under federal derivatives oversight or state gambling laws. Utah’s case targets Kalshi, while its implications for Polymarket depend on court rulings. The NBA named both exchanges preferred partners and agreed with the CFTC to share information on basketball market integrity.
