Overview
- Weekly trading volumes topped $2 billion across major platforms including Polymarket, Kalshi, Limitless and Myriad in 2025.
- Polymarket relaunched in the U.S. on Dec. 2 with sports-only markets available in all 50 states and has so far seen no direct regulatory action.
- A Nevada federal judge allowed the state regulator to seek to stop Kalshi’s sports contracts, while a New Jersey judge let Kalshi continue operating as appeals proceed.
- Institutional funding surged, with Intercontinental Exchange committing up to $2 billion to Polymarket and Kalshi securing a $1 billion round led by Paradigm.
- Partnerships with the NHL, UFC, CNN and CNBC, plus planned Google integrations, contrast with resistance from the NFL, NCAA and MLB, as experts forecast consolidation and a possible Supreme Court review.