PrizePicks and Polymarket Partner to Expand into Prediction Markets
PrizePicks, a leading daily fantasy sports operator in North America, has announced a partnership with Polymarket to venture into prediction markets. This strategic move aims to diversify PrizePicks’ revenue streams beyond its core fantasy sports business. The partnership will integrate Polymarket’s event contracts directly into the PrizePicks app, enabling users to make predictions about the outcomes of various sporting, entertainment, and cultural events.
According to Polymarket founder and CEO Shayne Coplan, this collaboration has the potential to attract millions of PrizePicks users to the emerging prediction market ecosystem. The launch will coincide with Polymarket’s re-entry into the United States, marking a renewed push to make regulated prediction trading accessible to American users. This development positions PrizePicks to stand out in an increasingly competitive sports gaming landscape.
Polymarket’s decentralized design, based on the Polygon blockchain, allows markets to function transparently and without a central intermediary. The platform gained prominence during the 2024 US presidential election cycle when its trading activity and market opportunities correctly predicted Donald Trump’s return to the White House long before traditional polls reflected the shift.
The Forecast Market Growth Faces Scrutiny
Despite its rapid rise, Polymarket has faced controversy. A recent academic paper by researchers at Columbia University found that up to 60% of the platform’s trading volume may have been artificially inflated, primarily through wash trading. This practice involves repeatedly buying and selling an asset to create the illusion of market activity and liquidity. The researchers detected extensive wash trading on Polymarket starting in July 2024, suggesting that much of the observed trading volume growth may not be due to real market participation.
Accusations of wash trading are not unique to prediction or betting markets. Similar practices have been documented across the decentralized finance (DeFi) ecosystem. A 2023 report from Solidus Labs identified extensive cases of wash trading on several decentralized exchanges. 
More recently, reports from traders and analysts indicate an increase in suspected wash trading on Solana decentralized exchanges. As the prediction market continues to grow, it is essential to address these concerns and ensure the integrity of the market.
For more information on this development, visit https://cointelegraph.com/news/prizepicks-polymarket-prediction-markets-us-launch?utm_source=rss_feed&utm_medium=rss_tag_blockchain&utm_campaign=rss_partner_inbound
