Polymarket goes live in the US for limited users as part of beta test

Polymarket has officially relaunched in the United States, but in beta mode, after almost three years of regulatory limbo and an extended stint operating offshore.

Polymarket is currently operating quietly within a closed beta, with the platform open to select users who are already placing real-money bets on live contracts, founder Shayne Coplan revealed during Cantor Fitzgerald’s Crypto and AI Infrastructure Conference in Miami.

“The US Exchange is actually live and operational, and people are being onboarded. It’s effectively in a beta test,” Copland said.

Reports of Polymarket returning to the U.S. first surfaced in late October, right after the Commodity Futures Trading Commission issued a no-action letter clearing the way for the platform to restart operations through its newly acquired entities, QCX and QC Clearing.

Back in 2022, the CFTC alleged that Polymarket was offering unregistered event-based binary options to U.S. users. The firm paid a $1.4 million penalty to settle the charges and ceased U.S. operations as part of the agreement. 

Fast forward to 2025, the commission reversed course under a new leadership team and granted regulatory clearance after Polymarket revamped its legal structure and brought Donald Trump Jr. onto its advisory board.

Subsequently, the company moved to acquire QCEX, a fully regulated exchange and clearinghouse, in a $112 million deal after the platform faced mounting demand tied to its election markets and rising retail interest. That acquisition gave Polymarket the regulatory infrastructure it needed to operate legally within the United States.

“It’s the fastest anyone has ever gotten to market. Definitely a difficult task, but our team has been incredible and made that happen,” Coplan added.

Once fully live, Polymarket will join the likes of Kalshi and FanDuel as it competes with both prediction-focused platforms and traditional sports betting firms to grab a piece of the booming predictions market. Over the past few months, a number of new entrants have jumped into the space, including Truth Predict, a product launched by President Donald Trump’s media company in partnership with Crypto.com.

After its US launch, Polymarket will be focused primarily on the sports market and has already formed partnerships that give it an early foothold, including its integration deal with PrizePicks and its clearing arrangement for DraftKings’ upcoming predictions product.

Polymarket seeks funding ahead of full US launch

After securing a major commitment from Intercontinental Exchange earlier this year, the company is reportedly looking to raise fresh capital at a significantly higher valuation, according to sources familiar with the talks. Discussions with investors have centered on a potential round that could value Polymarket anywhere between $12 billion and $15 billion.