Prediction market platform Polymarket is reportedly seeking a valuation of more than $20 billion as it explores a new funding round that could raise around $1 billion, according to Bloomberg.
Those negotiations are at an early stage as an agreement has not been finalized yet. If successful, it would increase the company’s valuation from $9 billion in October to above $20 billion.
Polymarket is purportedly negotiating with prospective investors about raising roughly $1 billion. The investment came after Intercontinental Exchange (ICE), which owns the New York Stock Exchange, is reputed to have invested.
Recently, there has been growing interest in prediction markets among investors as more and more platforms move from the political events category to sports and finance.
The FIFA World Cup has also contributed to the increased trading volumes in June and July. Polymarket was reported to have reached an annual revenue of $1.2 billion since the launch of its regulated U.S. platform.
While witnessing the growth, Polymarket is facing regulatory challenges.
Recently, the company announced it would appeal against France’s decision that prohibited access to its platform after regulators described its services as unlawful gambling. It has also tightened access to its platform in some parts of Canada, including such provinces as Alberta, British Columbia and Quebec.