Polymarket Readies US Relaunch Focused on Sports Betting

Polymarket is preparing to relaunch trading in the U.S. within weeks, with limited sports-betting contracts expected to go live by late November to capture peak football and basketball seasons. The planned return follows regulatory progress, including Polymarket's acquisition of QCX — which holds CFTC exchange and clearinghouse licenses — and reports of a related CFTC no-action letter after Polymarket settled a 2022 enforcement case that included a $1.4 million penalty. Investors and dealmakers place widely varying valuations on Polymarket, from roughly $1 billion earlier this year to as high as $9–15 billion after fresh funding and reported involvement from Intercontinental Exchange, and sector trading volumes have surged. The relaunch will be restricted at first — Polymarket's site shows a U.S. waitlist — and is expected to compete with federally regulated rivals like Kalshi and traditional sportsbooks such as DraftKings and FanDuel while coinciding with other entrants including Truth Social's partner Crypto.com and league licensing deals. News of the comeback has already pressured some gambling and prediction-market stocks.