Polymarket's return to the US faces setbacks: business lags, CEO seen as a "figurehead"

Odaily Odaily reports that Polymarket is attempting to re-establish its business in the US after leaving the market four years ago. It aims to return to a regulated framework by acquiring a derivatives and futures exchange that already holds a US license, appointing Justin Hertzberg to lead its US operations.

However, the latest developments indicate that Polymarket's US business progress has fallen short of expectations, with its market share significantly trailing behind main competitor Kalshi. It is reported that Justin Hertzberg is seen more as a "nominal CEO" within the company, primarily focused on signing regulatory documents, with limited actual operational and expansion capabilities for the US business. Overall, Polymarket's return to the US market still faces dual challenges at both the regulatory and execution levels. (The Information)