Polymarket US trading volume reaches $13.6 billion

Polymarket's US exchange recorded approximately $13.6 billion in contract face-value trading between September 28 and October 27. Sports-related contracts dominated the activity, accounting for roughly 98% of the total face value, while cryptocurrency-related contracts represented only about 1.3%.

While the face-value turnover reached $13.6 billion, the actual amount paid by users for these contracts was approximately $3.3 billion to $3.4 billion. This distinction is due to face-value accounting, which counts each contract at its $1 payout value regardless of the purchase price.

The platform faces increasing regulatory scrutiny. The Commodity Futures Trading Commission (CFTC) is reportedly examining whether Polymarket is complying with a 2022 settlement that restricts US users from accessing its international platform. Additionally, the New York Attorney General's office has filed legal action, alleging that certain contracts constitute illegal gambling under state law and questioning protections for underage users.

In a separate development, the NBA has designated Polymarket and Kalshi as preferred prediction market exchanges, entering into a memorandum of understanding with the CFTC to share information and monitor suspicious trading activity.