Prediction market platform, Polymarket, gains CFTC endorsement, enabling the launch of US-based markets following a three-year hiatus from operations.

After a hiatus due to action from the Commodity Futures Trading Commission (CFTC), Polymarket, the world's largest prediction platform, is making a comeback in the United States. The CFTC granted approval for Polymarket to go live in the US with its prediction markets on Wednesday.

The return to the US market is made possible by a strategic move by The Clearing Company, which acquired CFTC-cleansed derivatives exchange QCEX for $12m. However, it's important to note that Polymarket itself has not been acquired, and the completion of the acquisition by The Clearing Company is yet to be confirmed.

Meanwhile, Underdog, a daily fantasy sports operator, announced a partnership with Crypto.com on Tuesday. This partnership will see prediction markets integrated directly into Underdog's app, allowing users to trade contracts on various events, including sports, politics, and entertainment.

Leading sportsbook brands like DraftKings and FanDuel are closely monitoring the ever-changing landscape of prediction markets. As Polymarket re-enters the US market, it's expected that these brands will be keeping a close eye on its progress.

Polymarket's return to the US market is a significant development in the prediction market industry. With its approval by the CFTC, Polymarket is set to offer a new and exciting platform for users to make predictions on a wide range of events.

Stay tuned for more updates as Polymarket continues to make waves in the US prediction market scene.

Prediction market platform, Polymarket, gains CFTC endorsement, enabling the launch of US-based markets following a three-year hiatus from operations.