Polymarket's U.S. Return Stalls: Business Lags Behind, CEO Seen as "Figurehead Manager"

Odaily Odaily reports that Polymarket, four years after exiting the U.S. market, is attempting to re-establish its domestic business. It plans to re-enter the regulatory framework by acquiring a derivatives and futures exchange that already holds a U.S. license, and has appointed Justin Hertzberg to lead its U.S. operations.

However, the latest developments indicate that Polymarket's progress in the U.S. has fallen short of expectations, with its market share significantly trailing behind its main competitor, Kalshi. It is reported that Justin Hertzberg's role within the company leans more towards being a "nominal CEO," with his primary responsibilities focused on signing regulatory documents. The actual operational and expansion capabilities of the U.S. business are limited. Overall, Polymarket's re-entry process into the U.S. market still faces dual challenges on both the regulatory and execution fronts. (The Information)