However, a 2022 settlement with the CFTC requires Polymarket to block transactions for users in the United States.
Polymarket’s apps are currently more popular among U.S. users of Apple’s App Store than apps from many very established brands.
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Posted on October 17, 2024 at 11:54 AM EST.
On Thursday, Polymarket emerged as the No. 1 spot on Apple’s U.S. App Store’s list of free magazine and news apps, as its trading volume for October exceeded $1 billion. According to To the data from Dune. This decentralized betting app is currently more popular than the New York Times, CNN, Wall Street Journal, and Washington Post apps.
According to Dune data at the time of publication, Polymarket’s total October trading volume was $1.05 billion, with more than 96,000 active traders.
As a result of a 2022 settlement with the CFTC, Polymarket is required to block U.S. users from trading on its platform, but Polymarket does not allow U.S. users to visit the website and download the app. It is still allowed. Polymarket’s popularity on the App Store is due to the fact that users in the US download the app and make Trade with the help of a VPN.
Read more: Prediction market trading volume declines after November election. Will new market entrants still attract users?
“Who would have expected something like this?” I wrote Shayne Coplan, founder of Polymarket, posted on X with a screenshot showing Polymarket topping the App Store’s list of most popular free magazine and newspaper apps. Koplan did not immediately respond to a request for comment on this story, including whether Polymarket’s popularity on the U.S. App Store means U.S. users are trading on the platform.
The CFTC also did not respond to questions by press time.
Polymarket is Saw Trading volumes have soared this year due to the popularity of the company’s election betting products, which allow users to bet on which candidate they think will win presidential and other elections. According to Dune, more than 75% of people who use money bet This week was all about elections. The share of election-related bets has steadily increased since January, when Dune began compiling the data. Polymarket currently shows former President Donald Trump has an almost 62% chance of winning the November presidential election.
Read more: Polymarket removes ‘Hezbollah’ label as crypto Twitter debates ethics of war gambling market
Rival prediction market Karshi recently given An appeals court in Washington, D.C., temporarily allowed the platform to host election betting. Unlike Polymarket, Kalshi is regulated by the CFTC and is allowed to host American users. So far, Kalsi has Saw The company’s all-time high in trading volume for presidential election products was about $20 million, just a fraction of its $612 million in trading volume. above Polymarket rival products. Karshi is launched Since election gambling was allowed to take place, an extravagant advertising campaign was undertaken, with the cost expected to be more than $1.5 million. According to For submission to court.
