Online election betting platform Polymarket plans to bring its prediction market back to US customers after accurately predicting President-elect Donald Trump’s election victory.
“I want to pay huge tribute to those who fought to legalize political prediction markets in America,” Polymarket founder and CEO Shane Coplan said Thursday in his first live television interview. he said. . “We are now in a position to be aggressive with our expansion.”
Polymarket’s betting platform is currently only available to customers outside the United States. In 2022, the company ceased its U.S. operations and paid a $1.4 million penalty in a settlement with the Commodity Futures Trading Commission for failing to register with the commission.
In October, the U.S. Court of Appeals for the District of Columbia Circuit lifted a freeze on competitor Kalsi’s election contract imposed by the Commodity Futures Trading Commission. “A demonstration of irreparable harm is a necessary condition for probation,” Judge Patricia Millett said in her ruling.
Shortly after Kalsi was given the green light, Interactive Brokers and Robinhood launched their own products.
“My view is that this is probably going to be a bigger market than the stock market in about 15 years,” Thomas Peterffy, founder and chairman of Interactive Brokers, said Wednesday on CNBC’s “Closing Bell.” Deaf,” he said.
“This is fundamentally a global market. No matter where you live in the world, the question is just as relevant.”
“The great thing about these markets is that people are You’re putting your money on the line,” he told Sorkin.
“You can trust that they care more about the results, and in some ways the results should be much more reliable than a simple poll.”
These gambling platforms, where millions of dollars were bet on President-elect Donald Trump’s victory, also stand to benefit from the changing of the guard in Washington.
Elon Musk, who spent time and money on Trump’s campaign, praised the polymarket in a post on X, saying it was “more accurate than polls because real money is at stake.” At 8:24 p.m. ET on Election Day, Musk wrote, “Prophecy fulfilled!”
Election contracts for the 2024 presidential election on a prediction market site ultimately turned out to be an accurate indicator of President Trump’s victory.
As polls closed Tuesday night, presidential election prediction markets include: Polymarket, KarushiForecastEx, and Robinhood rose in favor of Trump.
Ultimately, Polymarket’s transaction volume for the presidential election reached nearly $3.7 billion. Platform tracker.
“At Polymarket, it looked like a done deal. If you were just watching TV, you would think it was a close race,” said Coplan, 26, who founded Polymarket when he was just 21 years old.
“This is a complete change in Overton policy,” he said, referring to the theory of the range of policies that the public would accept. “The turning point in news and politics”
