Polymarket, a prediction market platform, reported annualized revenue of $1.8 billion, up from over $1 billion in June. The company's U.S. domestic exchange, launched in May as a separate trading venue from its international decentralized finance platform, drove the growth.
The domestic exchange processed more than $14.5 billion in notional volume in October, compared with $4 billion in June, according to TickerTracker data. Highly traded events including the FIFA World Cup and the NFL season start fueled the increase. Combo event contracts, which function like multi-leg parlays at sportsbooks, accounted for more than 70% of volume traded on the platform on Sunday.
Polymarket is raising $1 billion in funding at a $21 billion valuation. The company faces investigation by the Commodity Futures Trading Commission over advertising practices and whether it violated a prior settlement barring U.S. residents from accessing its international exchange. A Polymarket spokesperson said the company welcomes scrutiny and would work with lawmakers.