Polymarket, one of the largest prediction market platforms, saw its annualized revenue topping $1 billion, the platform told CNBC and Reuters on Friday, June 26.
- The surge of revenue comes as the FIFA World Cup has sent trading volumes surging from $50 million/day in May to more than $200 million in late June, per data from Dune.
- The milestone also comes just six weeks after the company rolled out access to its U.S. exchange.
Prediction market Kalshi, the key rival of Polymarket, is reportedly generating more than $2 billion in annualized revenue, up about three times from November last year.
- The Coinformer reported earlier that Americans gave Polymarket a higher reputation score than banking giant Bank of America, showing how prediction market platforms are gaining trust against older regulated institutions.