Blockchain-based prediction platform Polymarket is preparing a major comeback, this time with a sports betting twist aimed at the U.S. market.
According to a Bloomberg report on October 28, Polymarket plans to reenter the U.S. in November, two years after exiting following regulatory challenges. The company’s new product will be sports-focused and fully licensed, marking its effort to compete with major players in the online gambling industry.
The market quickly reacted to the news, shares of leading betting platforms Flutter and DraftKings dropped 3% and 5%, respectively, as investors priced in potential disruption from Polymarket’s return.
Polymarket is expected to target high-profile sporting events such as the NFL, NBA, and other major leagues. The initial rollout will reportedly be limited to select users before expanding further.
The move follows Polymarket’s acquisition of QCX, a Florida-based exchange holding a CFTC license, which enables it to offer legally compliant event contracts in the U.S. The platform also received a no-action letter from the regulator, granting it flexibility to operate under specific compliance standards.
Polymarket originally left the U.S. in 2022 after settling with the CFTC and paying a $1.4 million fine for operating unregistered binary options markets. With its regulatory issues now addressed, the company’s return could reshape how blockchain meets the fast-growing sports betting industry.
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