Polymarket, the online betting exchange in which users are focusing on the results in the real world, has weighed an agreement that would appreciate the company at $ 9 billion, according to the Information.
The number marks a sharp increase in valuation of $ 1 billion just three months ago when it raised money in a round led by Peter Thiels Founder’s findings.
The increase comes when regulators loosen restrictions. By 2021, the Commodity Future’s Trading Commission prevented the polymarket from offering prediction contracts in the United States, but earlier this year the agency gave the green light the green light to work domestic and opened the door for new growth.
The polyming field allows users to place bets on political choices, legal decisions and geopolitical events. During the last US election cycle alone, the site dealt with more than $ 8 billion in bets. It puts it in front of Sports Betting Giants Fanduel, Draftkings and Betfair in terms of online traffic.
Competitor Kalshi has also seen his valuation rise. The company, which offers similar real money event contracts, is now appreciated at $ 5 billion, up from $ 2 billion earlier this year, according to the same report. The jump suggests that investors are betting that regulated prediction markets could become mainstream.
The polyming field has also attracted politically connected backers. Donald Trump Jr.’s venture capital company, 1789 Capital, invested in the company in an agreement worth tens of thousands of millions of dollars, with Trump Jr. joining as an advisor.
Prediction markets such as the polyming field remain controversial in Washington, where critics claim they risk fuel for incorrect information. However, supporters say they provide a transparent meter of public expectations of political and global events.
