TLDR Polymarket says its annualized revenue run rate has passed $1.8 billion, up from $1 billion in June. Notional volume on its U.S. platform reached $14.5 billion in October, more than triple the level four months earlier. The FIFA World Cup and the start of the NFL season helped lift trading activity. Investors recently committed $1 billion, valuing the company at an estimated $21 billion. The company faces a CFTC probe, a Democrat-controlled Congress in January, and possible Supreme Court action.
Polymarket’s U.S. exchange is now a major driver of the company’s growth. The prediction market operator said its annualized revenue run rate has passed $1.8 billion, according to figures shared with CNBC on Tuesday, November 10.
That figure is well above the $1 billion run rate the company disclosed in June. The jump came in about five months.
An annualized revenue run rate takes recent revenue and projects it over a full year. It is not the same as reported annual revenue, and Polymarket, which is privately held, does not publish full financial results.
U.S. Platform Volume Climbs
Polymarket launched its U.S. platform in May. The exchange runs separately from the company’s broader international platform.
Notional volume on the U.S. platform reached $14.5 billion in October. That is more than triple the $4 billion recorded on the exchange four months earlier.
Large sporting events helped push activity higher. The FIFA World Cup drew heavy trading over the summer, and the NFL season started in September.
NEW: Polymarket’s annualized revenue has topped $1.8 billion, up from more than $1 billion in June, it told CNBC.
Trading volume on its U.S. prediction market platform surged to $14.5 billion in October from $4 billion in June, despite ongoing regulatory scrutiny from the CFTC. pic.twitter.com/08ViJG1rAJ
— The Block