Polymarket surpasses $1 billion in monthly trading volume and becomes the top free news app in Apple’s US App Store

However, a settlement with the CFTC in 2022 will see Polymarket bar users in the US from trading.

Polymarket rose to No. 1 on Apple’s US App Store’s list of free magazines and news apps on Thursday as trading volume topped $1 billion in October. after to data from Dune. The app is currently more popular than apps for The New York Times, CNN, The Wall Street Journal and The Washington Post.

At the time of publication, Dune data shows that Polymarket’s total October trading volume was $1.05 billion, with over 96,000 active traders.

Polymarket is required to bar US users from trading on the platform due to a settlement with the CFTC in 2022, although Polymarket has continued to allow American users to visit the site and download the app. Polymarket’s popularity on the App Store suggests that US users download the app and then Manufacturing acts with the help of VPNs.

“Who would have predicted this?” wrote Polymarket founder Shayne Coplan on X, along with a screenshot showing Polymarket topping the list of most popular free magazine and newspaper apps in the App Store. Coplan did not immediately respond to a request for comment for this story, including whether Polymarket’s popularity in the US App Store means American users are doing business on the platform.

The CFTC also did not respond to questions by press time.

Polymarket has seen The company has seen a huge increase in trading volume this year due to the popularity of its election betting products, which allow users to bet on which candidate they think will win the presidential election and other races. According to Dune, over 75% of money users bet This week was related to elections. The percentage of election-related bets has increased steadily since January, when Dune began aggregating the data. Polymarket currently shows that former President Donald Trump has a nearly 62% chance of winning the November presidential election.

Rival prediction market Kalshi was recently given temporarily allowing an appeals court in Washington, DC, to hold election betting on its platform. Unlike Polymarket, Kalshi is regulated by the CFTC and is allowed to accept American users. So far Kalshi has done it seen Nearly $20 million in all-time trading volume for its presidential election product, a small fraction of the $612 million in trading volume To Polymarket’s competing product. Kalshi has started a high-profile public marketing campaign since being authorized to conduct election betting that was expected to cost more than $1.5 million, after to court documents.