The National Football League season opener drew more than $600,000 in wagers on crypto prediction market Polymarket, underscoring the platform’s push into mainstream sports betting after a key regulatory win.
Polymarket founder Shayne Coplan announced the platform received approval from the CFTC to operate in all 50 U.S. states, a move that lets it reach users in jurisdictions where traditional sportsbooks may be restricted. That regulatory green light coincided with strong early‑season activity — wagers on the Eagles vs. Cowboys opener briefly rivaled intake at major exchanges.
Still, Polymarket’s monthly volumes have cooled from a November 2024 election peak of $2 billion to about $664 million in August, according to Dune Analytics. The platform’s earlier growth was tightly linked to political markets; pivoting to sports is a deliberate attempt to diversify revenue and user engagement.
The broader opportunity is large: sports betting was estimated at roughly $107 billion in 2024. Polymarket has already recorded over $55 million in MLB World Series markets this year, suggesting NFL volumes could rise as regular‑season interest and weekly betting cycles kick in.
Polymarket operates as an exchange‑style prediction market where users trade binary contracts with each other and prices move in real time, rather than wagering against a house. That market‑driven pricing could attract bettors seeking different liquidity and pricing dynamics than traditional sportsbooks provide.
If sustained, this shift could reshape parts of the $100 billion‑plus sports betting industry by offering a new trading‑like experience for sports speculation. However, volumes still lag mainstream channels for single games, and users should be mindful of regulatory differences, liquidity risks, and the speculative nature of prediction markets.
Source: CoinDesk. Read the original coverage for full details.