The prediction platform's growth follows the May rollout of its U.S. exchange, which operates separately from its international decentralized finance counterpart. This domestic expansion lifted notional trading volume to surpass $14.5 billion in October, aided heavily by sports competitions and parlay-style contracts. However, the business faces a wide Commodity Futures Trading Commission probe over advertising rules and a prior settlement, as well as possible congressional scrutiny tied to its political advisors.
Key points
Sports competitions and innovative betting-style contracts are driving dramatic transacti…: Sports competitions and innovative betting-style contracts are driving dramatic transaction volume gains across the U.S. venue.
Federal regulators are actively investigating the company's promotional practices and pas…: Federal regulators are actively investigating the company's promotional practices and past compliance settlements.
The company faces potential congressional friction due to its advisory ties with Donald T…: The company faces potential congressional friction due to its advisory ties with Donald Trump Jr.
Sources checked by our analysis pipeline: 1
Prediction market platform Polymarket has surpassed $1.8 billion in annualized revenue, the company told CNBC on Tuesday.
That's up from June, when Polymarket disclosed that its annual revenue run rate was north of $1 billion, following the launch of its domestic exchange in May.
Polymarket's revenue is being fueled by growth in that U.S. exchange, which operates as a separate trading venue from its decentralized finance international platform. The domestic exchange saw more than $14.5 billion in notional volume in October, up from $4 billion in June, according to data analytics platform TickerTracker.
That increase has been driven by a series of highly traded events, including the FIFA World Cup over the summer and the start of the NFL season in September. Volume has been supported by the growing popularity of Combo event contracts, which work similarly to sportsbooks' multi-leg parlays, accounted for more than 70% of volume traded on the platform on Sunday.
The revenue growth since June also comes after the company began a fresh $1 billion funding round that values Polymarket at $21 billion.
Investors are bidding up equity in the biotechnology company during active market hours. The sharp upward movement reflects immediate market enthusiasm, though specific operational drivers have not been detailed. Market participants continue to monitor trading conditions as the exact catalysts behind the momentum remain unspecified.
Shares of Gilat Satellite Networks are experiencing a sharp decline in today's trading. Specific details and underlying catalysts for the downward movement have not yet been provided.
Investors are actively monitoring the firm's market performance as its equity experiences a noticeable surge in trading activity today. The immediate uptick marks an ongoing period of upward movement for the asset during the current session. Additional context behind the sudden volume and price action remains limited based on currently available information.