Polymarket Scores Major Developments Amid Rising Volume

Blockchain-based predictions platform Polymarket has emerged as one of the official partners for the National Hockey League (NHL). The platform disclosed this on X, noting that it means users can trade with no fees or limits.

The partnership is part of a series of positive developments for the predictions platform, which is preparing to enter the US market.

Polymarket Founder Says NHL Deal is Another Step Towards Prediction Markets’ Legitimacy

According to Polymarket founder Shayne Coplan, the NHL partnership is a big deal for the platform. He described it as  “One big step forward for the legitimacy of prediction markets.”

He added that the partnership will make NHL games more interactive for fans, demonstrating that the league is looking to the future.

Coplan said:

“Together, we’re making the game more interactive and connected, and we appreciate the support of the NHL in recognizing that the future of fan experiences benefits from engagement with prediction markets.”

Interestingly, Polymarket was not the only prediction platform that the NHL is partnering. The league also signed a similar agreement with its competitor, Kalshi. The NHL’s official announcement explains what the deal entails, noting that it will allow them to use NHL proprietary data and marks.

Polymarket already offers prediction markets on NHL games and other sporting events. Thus, the partnership will primarily formalize the experience while providing greater exposure to the companies at NHL games.

The president of NHL Business, Keith Wachtel, also emphasized how partnership is about improving fan engagement. He noted that the two prediction platforms offer the biggest opportunity for this in the sector.

Predictions Market Sees Record Volume with Polymarket on Top

Meanwhile, the partnership comes at a time when the predicted market sector is experiencing significant growth. According to Dune Analytics data, the sector saw weekly volume of over $2 billion in the week ending October 19 for the first time. This caused it to surpass trading volume during the 2024 US Presidential election.

Polymarket remains the top platform, with $1.062 billion in trading volume, while Kalshi comes in second with $950 million. The two account for more than 95% of the weekly volume.

However, the markets driving the volume differ from those in 2024. Instead of politics, sports betting is driving most of the volume, with the US-based Kalshi particularly capitalizing on this. Unsurprisingly, Polymarket is currently finalizing plans to re-enter the US market.

The partnership with the NHL appears to be part of its preparation to become fully operational in the US. However, the platform would face significant competition, as even established players are eyeing the predictions market. The Chicago Mercantile Exchange (CME) is reportedly interested in offering contracts for sports games.

DraftKings also recently acquired the derivatives contract market Railbird in its own venture into the prediction market. Interestingly, it designated Polymarket Clearing as its clearinghouse.

Even with all these potential entrants into the space, Polymarket will be hoping to maintain its crypto advantage. The platform recently enabled BNB deposits and withdrawals.