Predicted Markets Secure CFTC Approvals for U.S. Launch, Three Years After Departure
In a significant development for the prediction market industry, the Commodity Futures Trading Commission (CFTC) has approved Polymarket to operate its platform in the United States. This approval comes after the acquisition of CFTC-cleansed derivatives exchange QCEX by Polymarket for $12 million.
The acquisition of QCEX, which took place prior to the CFTC's approval, was a key event leading to Polymarket's current status. The deal, worth 112 million US dollars, connected Polymarket with QCEX's derivatives clearinghouse, paving the way for the CFTC's approval.
Polymarket, already known as the world's biggest prediction platform, will now allow users to trade contracts on various events, including sports, politics, and entertainment. The platform's approval by the CFTC marks a significant milestone, as it opens up a new avenue for users to participate in prediction markets.
Sportsbook brands like DraftKings and FanDuel are closely monitoring the ever-changing landscape of prediction markets. As Polymarket gains traction, it's likely that other companies will follow suit, further expanding the prediction market industry in the US.
Meanwhile, daily fantasy sports operator Underdog announced a partnership with Crypto.com on Tuesday. This partnership will see prediction markets integrated directly into Underdog's app, offering users a new way to engage with sports and predictions.
Polymarket's return to the market comes three years after it exited due to action from the CFTC. However, with the approval now in place, it seems that the company is poised for a strong comeback.
As the prediction market industry continues to evolve, it's clear that Polymarket's approval by the CFTC is a significant step forward. With its user-friendly platform and wide range of events to trade on, it's an exciting time for those interested in prediction markets.
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