Polymarket Says Annualized Revenue Tops $1.8 Billion as US Exchange Scales
Polymarket told CNBC its annualized revenue has passed $1.8 billion, up from more than $1 billion in June and following the May launch of its CFTC-regulated US exchange. Independent estimates from Sacra put the run rate near $375 million in May, so the company's figure cannot yet be independently verified.
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What Polymarket Reported
Polymarket said on Tuesday that its annualized revenue has climbed past $1.8 billion, according to figures it shared with CNBC. The company had reported a run rate north of $1 billion in June, roughly six weeks after its domestic US exchange opened to users in May.
The US exchange runs separately from Polymarket's decentralized international platform. The company opened a waitlist for US users in December 2025 and removed it for its iOS app in mid-May 2026. It began charging fees in early 2026 after operating a fee-free model.
Disputed Baseline
The growth figure depends heavily on the starting point. Research firm Sacra estimated Polymarket's run rate at about $375 million in May 2026, around the time the US platform opened. Measured against that estimate, the latest company figure is more than four times higher. The Defiant, citing the exchange's October figures, reported $14.77 billion in face-value turnover but noted that fees vary by contract price, product and trader tier, which makes turnover a poor proxy for revenue. Neither Sacra's estimate nor the company's figure has been reconciled against audited financials in the reporting reviewed here.
Volume and Revenue Drivers
Daily notional volume on the US exchange rose from about $50 million in mid-May to more than $200 million by June 20, according to the reporting. Sports contracts have emerged as a major revenue driver alongside political and other event categories, and activity tied to the FIFA World Cup lifted volumes on both the US exchange and the international platform.
Regulatory Structure
Polymarket now operates two distinct businesses. The US exchange is regulated by the Commodity Futures Trading Commission. The international platform uses a decentralized finance model, with trades settling through blockchain infrastructure rather than a traditional regulated venue. The company was founded in 2020 and reached a $1.4 million settlement with the CFTC in 2022, and it now operates under that regulator's oversight.
Funding and Outlook
Intercontinental Exchange, owner of the New York Stock Exchange, pledged up to $2 billion in investment in 2025, a deal that valued Polymarket at roughly $8 billion. Fundraising is reportedly continuing, and some projections have suggested annualized revenue could reach $2 billion. The World Cup is a seasonal event, so sustaining the current pace will depend on a steady flow of events that keep traders active. Regulated operation brings access to US users along with compliance obligations that the decentralized platform does not carry in the same form.
Why It Matters
For Traders
Sports and event contract volumes around major tournaments can move quickly, so near-term activity on Polymarket may be seasonal rather than steady.
For Investors
The shift to CFTC-regulated US operations with an $8 billion valuation signals a push toward compliant prediction market infrastructure, though revenue claims remain company-reported.
For Builders
Running regulated and decentralized venues side by side means prediction market builders should plan for separate compliance and settlement architectures from the outset.
This article is for information only and is not financial advice. Read the full disclaimer.
