Polymarket said its annualized revenue has exceeded US$1 billion after it opened its US mobile app to the public in mid-May.

The move ended a waitlist introduced when the company launched its US exchange in December.

Since mid-May, daily trading volume on the US platform has risen more than 4x, reaching US$200 million on June 20.

The New York-based crypto prediction market lets users trade on sports, politics, economic data, weather, and other events.

Its revenue metric reflects exchange fees on matched trades rather than bookmaker-style gains or losses.

Polymarket exited the US in 2022 after the Commodity Futures Trading Commission ordered Blockratize Inc., doing business as Polymarket, to pay a US$1.4m penalty and wind down non-compliant event markets for offering event-based binary options without the required registration.

Its current US platform operates as Polymarket US, a CFTC-regulated designated contract market. The CFTC has listed QCX LLC as doing business as Polymarket US.

The expansion comes as competition grows from federally regulated prediction markets, including Kalshi, whose contracts are offered through Robinhood.

The sector also faces criticism that such platforms may have cost states more than US$600 million in sports-betting tax revenue.

🔗 Source: Cailianshe