Polymarket, a prediction market platform, is reportedly aiming for a valuation exceeding $20 billion as it seeks to launch a new funding round potentially raising around $1 billion, as reported by Bloomberg. Negotiations for this round are still in the preliminary stages and have not yet been finalized. If successful, this fundraising effort would more than double the company’s valuation from $9 billion in October.
The company is engaging with potential investors to secure this significant investment, following a reputed investment from the Intercontinental Exchange (ICE), which owns the New York Stock Exchange. Interest in prediction markets is surging, particularly as various platforms expand beyond traditional political event betting into sectors such as sports and finance.
The excitement surrounding the FIFA World Cup has notably fueled increased trading activity, contributing to heightened volumes in June and July. Following the launch of its regulated U.S. platform, Polymarket reported an impressive annual revenue of $1.2 billion.
Despite this growth, Polymarket faces hurdles with regulators. Recently, the company declared its intention to appeal a ruling by French authorities that deemed access to its platform unlawful, categorizing its services as illegal gambling. Additionally, it has restricted access in certain Canadian provinces, including Alberta, British Columbia, and Quebec.
