Polymarkethas started accepting real bets from select US users as the crypto-basedprediction platform tests its American exchange ahead of a full reopening nextmonth.Theplatform is running what founder Shayne Coplan calls a beta test, matchingactual trades between users on event outcomes. Speaking atCantor Fitzgerald's Crypto & AI Infrastructure Conference in Miami, Coplansaid the exchange is "actually live and operational" with peoplebeing onboarded to place bets on real contracts.The softlaunch marks Polymarket's return to American soil after leaving in 2022 whenthe Commodity Futures Trading Commission (CFTC) hitthe company with a $1.4 million fine for operating without proper licenses.The platform spent three years offshore before buyingQCX, a firm with CFTC approval to run a derivatives exchange andclearinghouse.Competition Intensifiesfor Prediction Market ShareThe timingputs Polymarket in a crowded field. Kalshihas served US customers for years, while FanDuel announced Wednesday itwill roll out its ownprediction market product in December, partnering the derivatives giant CME.The sector has attracted renewed attention after Polymarket processed billionsof dollars in election-related bets during last year's presidential race.Earlierthis month, two cryptocurrency exchanges also announced plans to enter thespace: Crypto.commade its move in early November, followed last week byGemini, the exchange founded by the Winklevoss brothers.Inaddition, Polymarket revealed a partnership with Yahoo Finance on Tuesday,becoming the financial news site's exclusive prediction market partner. Coplansaid "deep integrations" between the platforms are coming soon.Polymarket is now the exclusive prediction market partner of @YahooFinanceDeep integrations coming soon 🔮 https://t.co/oOT8EbPtas— Shayne Coplan 🦅 (@shayne_coplan) November 13, 2025The companypositions itself differently from traditional sportsbooks by letting userstrade directly with each other rather than betting against the house. InPolymarket's exchange model, users set their own prices and can take eitherside of an outcome, similar to how stock exchanges operate."Idon't think anyone would argue that the sports book model is the optimalmodel," Coplan said. "There's a monopoly on pricing. You tradeagainst the house every time and they can set whatever prices they want and tomake matters worse, if you make any money, they can ban you."Regulatory Path ClearsAfter Federal ScrutinyFederalagencies dropped separate investigations into Polymarket earlier this year,removing obstacles to a US return. The Justice Department and CFTC both closedtheir probes before the company acquired QCX's regulatory approvals.Coplanclaims the company moved faster than any previous entrant in getting aCFTC-approved exchange operational. "Definitely a difficult task, but ourteam has been incredible and made that happen," he said.Theplatform has been shopping a funding round that would value it between $12billion and $15 billion. IntercontinentalExchange, which owns the New York Stock Exchange, committed up to $2 billion inOctober. That investment made the 26-year-old Coplan one of the youngestself-made billionaires.WhetherPolymarket can convert its offshore user base and brand recognition intodomestic market share remains uncertain. The platform must compete againstentrenched gambling operators with established customer bases while navigatingstate-by-state wagering regulations that vary across the country.Not tomention another pressing issue that many seem to overlook: is this even tradinganymore?This article was written by Damian Chmiel at www.financemagnates.com.