A Prediction Market Just Doubled Its Valuation to $22B. It Took Five Months.
Three funding rounds in seven months. Annualized volume tripled to $178 billion. Five states are suing it. Coatue, Sequoia, and Morgan Stanley all wrote checks anyway.
Three funding rounds in seven months. Annualized volume tripled to $178 billion. Five states are suing it. Coatue, Sequoia, and Morgan Stanley all wrote checks anyway.
The New York Times published an investigation on Sunday that lands like a grenade in the middle of the prediction market debate. The core finding: career…
A Polymarket contract asking whether Prabowo Subianto would leave power before 2029 went live on May 21. By May 22, Indonesia's Ministry of Communication had blocked the site nationwide. The government froze 33,000 bank accounts linked to online betting earlier this year. This is the second Asian country to ban Polymarket in a single week.
Spain's Consumer Rights Ministry ordered ISPs to block both platforms after finding they operate without gambling licenses. The ban follows a Polymarket contract on PM Sanchez leaving office and a Kalshi market pricing his exit at 29%. The block list now includes India, Indonesia, Brazil, Ukraine, France, Belgium, Australia, Portugal, Argentina, the Netherlands, and Spain.
Chairman Mike Selig told a FINRA audience that the agency has signed a data-sharing deal with MLB and is now talking to every pro league about insider trading on prediction markets. The NFL, historically resistant, is finally at the table.
India's Ministry of Electronics ordered ISPs to block Polymarket. The site is already unreachable for Indian users. Local media reports say Kalshi is next. The government classifies all prediction markets as illegal online gambling.
High Roller Technologies will distribute CFTC-regulated event contracts through Crypto.com's derivatives arm. Monthly prediction market volumes have surged to $21 billion from $1.2 billion in early 2025. The mature US market could exceed $1 trillion annually.
Friday gave the prediction market fight its sharpest day yet. Letitia James signed a bipartisan amicus brief in the morning. Hours later, the CFTC named her in a federal lawsuit. New York is now the fourth state the agency has sued in three weeks.
The Finance Ministry blocked access to all major prediction market platforms while the central bank moved to outlaw the underlying derivative contracts.