polymarket annualized revenue 1 billion us exchange

Prediction market platform Polymarket’s annual revenue is now well over $1 billion, the company shared exclusively with CNBC on Friday.

Polymarket’s announcement comes six weeks after the company removed its waiting list for its US exchange, which operates separately from its international, decentralized finance platform.

This also comes at a time when the FIFA World Cup has seen trading volumes increase on various prediction exchanges since the start of the tournament.

Volume on the company’s U.S. platform rose from about $50 million per day in mid-May to more than $200 million on June 20, according to Dune Analytics data. Weekly trading volume totals on Polymarket’s international platform have risen to all-time highs amid the World Cup boom, following declines in April and May.

The US exchange launched in December and was developed after Polymarket was banned from operating in the country in 2022 for failing to properly register with regulators. In July, the Commodity Futures Trading Commission and the Department of Justice dropped their investigations into the company without filing charges, and Polymarket USA operates as a CFTC-regulated exchange.

Polymarket’s US platform was on a waiting list until six weeks ago in December, when it was removed for users on the platform’s mobile app. The desktop version is still unavailable, as users in the US are redirected to the company’s website, directing the app to scan a QR code to place trades.

“Polymarket is a product-focused company,” a spokesperson told CNBC. “We’ve spent the last five years building the world’s largest prediction marketplace and understanding how people engage with markets at scale. We’re applying these learnings to our US platform, where our focus is intuitive market experiences, enterprise-grade liquidity, and the consumer experience that sets the standard for the category.”