PrizePicks, one of the largest daily fantasy sports operators in North America, has partnered with Polymarket to expand into prediction markets – a move that could open up novel revenue streams beyond its core fantasy sports business.
The partnership will integrate Polymarket’s event contracts directly into the PrizePicks app, enabling users to predict the outcomes of sporting, entertainment and cultural events. revealed Tuesday.
Polymarket founder and CEO Shayne Coplan said the collaboration could attract millions of PrizePicks users to the emerging ecosystem of prediction markets.
Both companies said the rollout would coincide with Polymarket’s re-entry into the United States, signaling a renewed push to bring regulated forecast trading to American users.
For PrizePicks, this move represents a strategic expansion beyond daily fantasy competitions, enabling the company to diversify its engagement and stand out in an increasingly competitive sports gaming market.
Polymarket stands out in the event and outcome prediction space thanks to its decentralized design, built on the Polygon blockchain, that allows markets to operate transparently and without a central intermediary.
The platform rose to prominence during the 2024 US presidential election cycle, when its trading activity and market rates correctly predicted Donald Trump’s return to the White House long before conventional polls reflected the change.
Related: Polymarket expects $10 billion valuation as CFTC clears path for U.S. turnaround
The market growth forecast is analyzed
Polymarket’s rapid growth was not without controversy. Recent academic article Columbia University researchers found that up to 60% of the platform’s trading volume may have been artificially inflated, largely as a result of wash trading, a practice in which the same entity repeatedly buys and sells assets to create the illusion of market activity and liquidity.
Researchers said they detected extensive wash trading on Polymarket starting in July 2024, indicating that much of the observed raise in trading volume may not have reflected actual market share.
Cointelegraph reached out to Polymarket for comment but had not received a response at the time of publication.
Allegations of wash trading are not exclusive to prediction and betting markets – similar practices have been documented in the broader decentralized finance (DeFi) ecosystem. A 2023 Solidus Labs report identified extensive cases of illicit trading on several decentralized exchanges.
Recently, reports from traders and analysts have indicated an raise in suspicions of wash transactions on Solana decentralized exchanges.
Related: Kalshi hires cryptocurrency influencer John Wang to head its digital assets division
