Polymarket Reports $1.8 Billion Revenue Amid CFTC Probe
Polymarket reported annualized revenue exceeding $1.8 billion and launched a $1 billion funding round while facing a CFTC investigation into its U.S. operations.
Prediction market platform Polymarket announced its annualized revenue has surpassed $1.8 billion, rising from a $1 billion run rate reported in June. This growth follows a surge in trading volume on the company's domestic U.S. exchange, which reached $14.5 billion in notional volume in October, up from $4 billion in June. High activity was driven by the NFL season and the FIFA World Cup, with combo event contracts making up over 70% of trading volume on Sundays.
Parallel to this financial growth, the company has initiated a $1 billion funding round that values the firm at $21 billion. However, the platform is under a broad investigation by the Commodity Futures Trading Commission regarding its advertising practices and potential violations of a previous settlement that barred U.S. residents from using its international exchange.
Polymarket also faces potential scrutiny from the U.S. Congress due to the role of advisor Donald Trump Jr. In response to the regulatory environment, the company stated, "We welcome scrutiny."
