Online election betting platform Polymarket plans to bring its prediction markets back to US customers.
“I want to give a lot of credit to those who fought to legalize prediction markets in American politics,” Polymarket founder and CEO Shayne Coplan told Andrew Ross Sorkin in his first live television interview on “Squawk Box.” “Now we Able to expand aggressively. “
Polymarket’s betting platform is currently only available to customers outside the United States. In 2022, the company ceased U.S. operations and paid a $1.4 million fine to settle charges with the CFTC that it failed to register with the commission.
In October, the U.S. Court of Appeals for the District of Columbia Circuit lifted the Commodity Futures Trading Commission’s freeze on rival Kalshi’s election contract. “A showing of irreparable harm is a necessary prerequisite for a stay of execution,” Judge Patricia Millett wrote in her ruling.
Shortly after Kalshi was approved, Interactive Brokers and Robinhood launched their own products.
“In my opinion, this is probably going to be a bigger market than the stock market in 15 years or so,” Thomas Peterffy, founder and chairman of Interactive Brokers, said Wednesday on CNBC’s “Closing Bell.” market.
“This is fundamentally a global market – these issues are equally important no matter where people live in the world.”
“The great thing about these markets is that people have money,” Robinhood CEO Vlad Tenev told Sorkin in an interview at the company’s “Hood Summit” shortly before the company officially launched its election contract. Just over a week to go.
“You can trust that they care more about the results, in the sense that those results should be more reliable than a simple poll.”
The betting platforms, which have staked millions of dollars on President-elect Donald Trump’s victory, will also benefit from a changing of the guard in Washington.
Elon Musk, who has invested time and money in Trump’s campaign, posted a post on X praising Polymarket, saying it was “more accurate than polls because the real money is at stake.” At 8:24 pm ET on Election Day, Musk wrote, “The prophecy has come true!”
Contracts for the 2024 presidential campaign on prediction market sites turned out to be accurate indicators of Trump winning the election.
As polls close Tuesday night, prediction markets for the presidential race include comprehensive market, KarshiForecastEx and Robinhood stock prices are higher, which is good for Trump.
Ultimately, Polymarket’s trading volume during the presidential campaign reached nearly $3.7 billion, according to Polymarket data. Platform tracker.
“At Polymarket, everything looked set in stone, and if you just watched TV you’d think it was evenly matched,” said Copeland, 26, who founded Polymarket when he was just 21.
“This is a complete shift from the Overton window,” he said, referring to the theory about the scope of policy the public is willing to accept. “The Turning Point in Journalism and Politics.”
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