The prediction market space has graduated from a hyped niche to an all-out frenzy, with Kalshi and Polymarket volumes soaring and legacy betting sites such as DraftKings entering the fray.
Polymarket is capitalizing on the fervor as it seeks to raise yet another round of funding, this time at a $12 billion valuation, according to Bloomberg.
After eclipsing $3 billion in total volume in October, the decentralized prediction market is on track to reach $3.5 billion in November. It is worth noting that November volumes may have been front-loaded due to the attention surrounding the NYC Mayoral election, which accounted for nearly $430 million in total volume.
Attention and excitement surrounding the company’s go-to-market strategy have increased among the crypto crowd over the last few months, after Polymarket CMO Matthew Modabber appeared on a podcast and stated that “there will be a token, there will be an airdrop.”
Modabber added that the priority at hand was launching Polymarket US, which has been advertised as coming “soon” since the beginning of Q4. However, the odds of “Will Polymarket US go live in 2025” have plummeted over the last week.
The market traded above 90% for roughly two months, but tumbled from 94% to 75% over the last seven days.
