Polymarket annualized revenue surpasses $1 billion six weeks after its U.S. exchange launch

Prediction market platform Polymarket’s annualized revenue are now well above $1 billion, the company shared exclusively with CNBC on Friday. 

Polymarket’s disclosure comes six weeks after the company lifted the waitlist for its U.S. exchange, which operates separately from its international, decentralized finance platform. 

It also comes as the FIFA World Cup has sent trading volumes surging across various prediction market exchanges since the tournament’s start.

Volume on the company’s U.S. platform has gone from around $50 million per day in mid-May to more than $200 million on June 20, according to data on Dune Analytics. On Polymarket’s international platform, weekly trading volume totals have surged to all-time highs amid the World Cup boom after experiencing declines in April and May.

The U.S. exchange was launched in December and developed after Polymarket was originally prohibited from operating in the country in 2022 for not properly registering with regulators. In July, the Commodity Futures Trading Commission and the Department of Justice dropped their investigations into the company without charges, and Polymarket U.S. operates as a CFTC-regulated exchange.

Polymarket’s U.S. platform was waitlisted from December until six weeks ago, when it was dropped for users on the platform’s mobile app. A desktop version is still unavailable, with users in the U.S. directed on the company’s website to scan a QR code to download the app to trade. 

“Polymarket is a product-led company,” a spokesperson said in a statement to CNBC. “We spent the last five years building the world’s largest prediction market, and understanding how people engage with markets at scale. We are applying those learnings to our U.S. platform, where our focus is on intuitive market experiences, institutional-grade liquidity and a consumer experience that sets the standard for the category.”