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Inside Polymarket’s United States Market Comeback

Posted on December 8, 2025December 8, 2025 by Laura P.

Considering how fast-moving the world of crypto and online betting is, comebacks are rare. One company has managed to do it. Polymarket’s return to the United States is, however, not just a restart. It also involves some reinvention. The platform, once synonymous with election betting, is now staking its claim in sports wagering, crypto casinos, and the broader world of tokenized prediction markets.

After a two-year hiatus forced by regulatory scrutiny, Polymarket has rebuilt from the ground up. Its relaunch begins with a waitlist rollout for iOS, with Android on the horizon. The platform’s federal approval from the CFTC allows Polymarket to operate fully within U.S. commodities regulations. Shayne Coplan, the founder, went back to the drawing board, turning Polymarket into a platform designed not just for thrill-seekers but for serious, compliant crypto traders.

More Than Gambling?

Polymarket is not interested in being “just another sportsbook.” Its philosophy positions wagers as tradable stakes in real-world outcomes. Players start with sports events, but the vision quickly expands into proposition markets, eSports, and eventually the kinds of prediction contracts that made the platform famous during the 2024 elections. Every bet is a transaction, every outcome traceable, every trade transparent. As expected, the gaming experience is built on blockchain’s speed and security.

Naturally, the competition is fierce. Kalshi, valued at $11 billion, has emerged as the primary rival, raising $1 billion in 2025. Both platforms are vying for high-profile partnerships with fantasy sports apps, mainstream brokers, and sports leagues. Polymarket has aligned with PrizePicks and will act as DraftKings’ clearinghouse, while Kalshi has integrated with Robinhood and CNN, at times accounting for a staggering portion of trading volume.

And the numbers are quite impressive, with October 2025 being a record-setting month. Kalshi processed $5.81 billion and Polymarket $3.7 billion. The explosive appetite for blockchain-based betting and the opportunities in the next-generation iGaming landscape are certainly not going away.

The Legal Landscape

Regulatory hurdles remain central to any U.S. expansion. Kalshi is currently embroiled in state-level legal disputes in Nevada and New Jersey, while Polymarket’s federal clearance gives it a strategic advantage in navigating the fragmented legal landscape.

To further the push, Polymarket’s ambitions are backed by serious capital. That includes a $2 billion investment from Intercontinental Exchange and the NYSE parent, which supports a valuation target of $15 billion. Adding Donald Trump Jr. as an advisor signals a high-profile push into mainstream iGaming and crypto casino spaces, leveraging evolving U.S. regulations. It remains to be seen if that is enough to keep the wheels rolling.

Polymarket Ban in Romania Signals Turning Point for Global Crypto Betting

Posted on November 5, 2025 by Laura P.

In what may be a defining moment for blockchain-based wagering, Romania has officially blacklisted Polymarket, the world’s leading crypto-powered prediction market, accusing it of operating as an unlicensed gambling platform during the country’s presidential and municipal elections.

The decision from Romania’s National Office for Gambling (ONJN) reverberated across the crypto ecosystem, highlighting a growing international effort to regulate or even restrict decentralized prediction markets that blur the line between financial speculation and online betting.

Global Pressure Builds

Polymarket’s latest regulatory challenge comes amid mounting scrutiny from governments around the world. In the past three years, agencies in the United States, France, Belgium, Poland, Singapore, and Thailand have all taken action against the platform for operating without proper gambling authorization.

Despite these hurdles, Polymarket’s growth has been quite impressive. In July 2025, the Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, announced a $2 billion investment in the company. The deal proved that institutional players still see significant potential in blockchain-powered event markets, even as regulators worldwide tighten the rules.

Romania’s Crackdown: Betting or Blockchain Innovation?

Romania’s ONJN justified its decision by pointing to a surge in election-season wagering, with over $600 million in crypto-based bets placed on Polymarket during May’s national polls. Regulators said the platform’s “counterparty betting” model fits the legal definition of gambling under Romanian law, regardless of whether wagers are made in digital currency or fiat.

ONJN President Vlad-Cristian Soare described the ruling as a matter of legal principle rather than technological innovation. The agency also cited violations, including the absence of player protection systems, tax reporting, and anti-money laundering controls. Romanian internet service providers have since been instructed to block access to the platform.

The ONJN’s move positions Romania alongside a growing group of regulators determined to apply existing gambling laws to emerging blockchain platforms, arguing that new technology cannot be used to bypass consumer safeguards or fiscal accountability.

The Broader Impact on Crypto and iGaming

The Polymarket ban has become a litmus test for how far decentralized platforms can go before crossing into gambling territory. Regulators fear that unlicensed “counterparty betting” models could serve as channels for money laundering, tax evasion, and unregulated financial risk, while others in the crypto community view them as legitimate tools for forecasting and information exchange.

Polymarket, for its part, continues to describe itself as an “information market” rather than a gambling operator. The company is preparing for a regulated relaunch in the United States later in 2025, initially focusing on sports-related prediction markets that comply with federal oversight.

What happens next could reshape how blockchain betting evolves. If Polymarket manages to achieve regulatory approval, it could pave the way for a new generation of compliant crypto-based prediction markets. But if the restrictions hold, it may reinforce the growing belief that innovation in decentralized finance will always need to bow to traditional oversight.

Court Rules Against Crypto.com’s Sports Prediction Markets in Nevada

Posted on October 27, 2025 by Laura P.

The tension between federal and state regulation of crypto-based betting platforms has once again taken center stage. This time, it involves Crypto.com, which is pausing its sports prediction market in Nevada following a federal court ruling against it.

Just ten days after U.S. District Court Judge Andrew Gordon rejected Crypto.com’s motion to continue operating during litigation, Nevada Gaming Control Board (NGCB) Chairman Mike Dreitzer informed licensees that the platform would be suspending its sports contracts in the state. The decision, announced on October 24, means that after November 3, 2025, Crypto.com will no longer offer or hold open positions in sports event contracts for Nevada residents while its appeal moves forward.

Dreitzer noted that although Crypto.com intends to appeal the ruling, it will pause all sports offerings in the state until the case is resolved. The NGCB used the opportunity to reiterate its stance that event-based contracts, including those tied to sports and political outcomes, are considered forms of wagering under Nevada law.

Federal Oversight vs. State Regulation

Crypto.com entered the sports prediction market a little under a year ago, offering contracts based on the outcomes of sporting events. These products, it argued, were regulated by the Commodity Futures Trading Commission (CFTC) as derivatives. However, Nevada law views these contracts as gambling activities, which require a state-issued gaming license.

The NGCB issued cease-and-desist orders in June 2025 to several operators, including Crypto.com and Kalshi, for allegedly offering unlicensed sports betting. Crypto.com responded by filing a federal lawsuit, seeking to block the state’s enforcement because federal law should preempt state rules.

According to the ruling, Crypto.com’s sports contracts are tied directly to who wins or loses a game, rather than to the occurrence or non-occurrence of an event, as defined under the Commodity Exchange Act (CEA). Because of that, the court found that Crypto.com’s products do not qualify as swaps and therefore fall under Nevada’s gaming jurisdiction, not federal oversight.

In its official notice, the NGCB reinforced that sports event contracts constitute wagering in the state’s view. That is, regardless of whether they are hosted by a CFTC-regulated exchange or otherwise. This position extends beyond sports to include political elections, esports, and entertainment events.

What Now?

Crypto.com’s legal battle is far from over. The company plans to appeal the decision to the Ninth Circuit Court of Appeals, hoping to overturn the ruling and restore its Nevada operations. A favorable outcome could set a precedent for how crypto prediction markets are regulated nationwide, potentially allowing CFTC-approved platforms to bypass state licensing requirements.

The case marks a defining moment in the ongoing intersection between blockchain innovation, online betting, and traditional gaming regulation. Its ripple effects are likely to shape the future of crypto wagering in the U.S. in ways that may not be too clear yet.

Crypto.com and Underdog Forge Path for $500M U.S. Prediction Market Industry

Posted on September 7, 2025 by Laura P.

The worlds of digital finance and sports are seemingly converging again for enthusiasts in some states. Underdog, a fast-growing fantasy and sports gaming company, has struck a deal with Crypto.com to bring sports prediction markets to 16 U.S. states. For regions still resisting traditional sports betting, this collaboration may provide a fresh entry point for fans who want to engage with the action in new ways.

Good Old Trading, But for Sports Fans

At the core of the partnership is Crypto.com Derivatives North America (CDNA), a federally registered exchange that specializes in sports event contracts. These contracts will sit directly on Underdog’s platform, effectively transforming sports speculation into a regulated trading environment. As Crypto.com’s Travis McGhee noted, this approach broadens access while positioning sports prediction as more than just betting. It is now much closer to financial trading with a sports twist.

The design mimics a marketplace more than a sportsbook. Instead of placing a fixed wager, users can buy or sell outcomes based on supply, demand, and sentiment. These are the same forces that drive financial markets. It’s an approach tailored for younger, tech-savvy audiences already comfortable with crypto exchanges and retail investing apps.

Eyes on States Like California and Texas

The significance of this move is amplified by geography. California, Texas, and Florida, the three most populous U.S. states, remain closed to commercial sportsbooks. Florida, in particular, is tightly controlled by the Seminole Tribe, which has a near-monopoly on gambling.

Prediction markets sidestep some of these hurdles because they fall under federal oversight rather than state-by-state gaming rules. For operators, this could reduce friction and open doors that have so far been locked by politics, tribal compacts, or lengthy regulatory battles.

Market analysts are already projecting serious potential. A recent estimate suggested that prediction markets could generate $555 million in 2025. That number pales in comparison to the $16 billion U.S. online betting market in 2024. However, the growth curve forecasts a sector quickly moving from experimental to mainstream.

Big Bets on the Future for Underdog

With this deal, Underdog becomes the first major sports-first operator to lean fully into prediction markets. Its CEO, Jeremy Levine, has argued that sports are the natural frontier for this format, and the company wants to be at the heart of that transition. By blending the adrenaline of betting with the strategy of trading, Underdog is positioning itself to capture a new demographic of players.

Competition is inevitable. Robinhood, Kalshi, Polymarket, and FanDuel are already testing similar waters, and DraftKings has hinted at its own ambitions. Still, Underdog’s early alignment with Crypto.com, which is one of the best-known crypto brands worldwide, gives it both credibility and reach.

If the bet pays off, prediction markets could emerge as a hybrid space where Wall Street meets Las Vegas. For sports fans, that means more than a new way to gamble but also a new way to play the markets.

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