Top Story
Polymarket US (QCX LLC) has sued Ohio's gaming officials in federal court to block enforcement of a state order against sports event contracts. The complaint was filed on 16 October in the U.S. District Court for the Southern District of Ohio, and it was reported on 20 and 21 October. For prediction markets that offer sports contracts, the case goes to the core of Ohio access, because the state's letters target those products directly.
On 2 October, the Ohio Casino Control Commission sent cease-and-desist letters to 10 prediction market operators, including Polymarket US. The letters told them to stop offering sports event contracts to Ohio residents without a state license and to confirm compliance within 14 days. Cryptonews and SBC Americas report that the complaint argues federal preemption under the Commodity Exchange Act. It also argues that Ohio's gambling laws are unconstitutional as applied and that its licensing rules discriminate against out-of-state operators under the Commerce Clause.
Polymarket US seeks a declaration and preliminary and permanent injunctions. The complaint cites a September Sixth Circuit ruling against Kalshi and a Third Circuit ruling that sided with Kalshi against New Jersey. As of 21 October, Ohio had not responded, and no ruling has been reported. Other Polymarket matters are listed in the prediction market litigation tracker.
For Polymarket users in Ohio, the dispute remains unresolved. No court has ruled on the preemption argument, and the effect of the case on Ohio access is disputed.
Biggest Market Moves
| Market | Venue | Price now | 24h change | 24h volume | |
|---|---|---|---|---|---|
| Will Bitcoin reach $85,000 in October? (↑ 85,000) | Polymarket | 50.5¢ | -19 pts | $121,355 | |
| US x Iran ceasefire continues through October 31? (October 31) | Polymarket | 73.5¢ | -8 pts | $442,018 | |
| US x Iran ceasefire continues through October 28? (October 28) | Polymarket | 80.5¢ | -5 pts | $126,493 | |
| Israel x Iran ceasefire continues through October 31? (October 31) | Polymarket | 82.5¢ | -4.5 pts | $213,910 | |
| Texas Senate Election Winner: Ken Paxton (R) | Polymarket | 32.5¢ | -3 pts | $615,258 |
Volume
Polymarket recorded $48.43M in 24-hour volume on open markets at 08:22 UTC on 22 October. Polymarket US publishes no 24-hour volume figure.
Regulation and Courts
Ohio orders licensees to cut ties with prediction markets
On 21 October, the Ohio Casino Control Commission confirmed at its meeting that it had sent letters to sports gaming and fantasy licensees and applicants. The letters say licensees must stop relationships with prediction market operators offering unlicensed sports event contracts. Licensees must report compliance by 30 October, and those that do not comply risk penalties, according to Legal Sports Report.
Attorney General Wilson preparing suits
On 20 October, Gov. Mike DeWine said Attorney General Andy Wilson would file suits against operators that do not comply with the cease-and-desist letters, per Sports Betting Dime. On 22 October, Basis Desk reported that Wilson is preparing to file lawsuits. No filed suit against Polymarket was found in the sources reviewed. The attorney general has said the letters "are not self-executing" and that the state must file suits to enforce them, per WOUB.
Company News
Polymarket said on X that it will waive trading fees through 31 October in eight categories: NBA, politics, economics, weather, finance, culture, mentions and technology, as Gate News reported on 21 October. The reports do not say whether the waiver covers polymarket.com or Polymarket US. Fee details are on Polymarket's fees and features.
Polymarket US (QCX LLC) filed CFTC notices dated 20 October to list Presidential Announcement Contracts, Rate Dissent Count contracts and Next Congressional Leadership Position Holder contracts. The exchange intends to list each no earlier than 22 October, per CFTC filing. Amendments to its BNB and Solana price contracts may list no earlier than 3 November, per CFTC filing.
On polymarket.com, a contract on whether any of seven men accused of sexually assaulting a Cornell student would face a felony sex-crime charge was removed from the international platform. The AP report says the contract had more than $450,000 in volume before removal.
Polymarket Sports named Polymarket the presenting podcast partner of The Roommates Show with Jalen Brunson, Josh Hart and Matt Hillman for the 2026-27 season, per The Source.
Bloomberg reported on 20 October that Polymarket is raising about $1 billion at a valuation of about $21 billion, led by 1789 Capital, where Donald Trump Jr. is a partner, according to Yahoo Finance. Polymarket has not confirmed the round.
What to Watch
- 22 October, 08:00-09:00 UTC: Scheduled maintenance for Polymarket perpetuals. Trading may be temporarily unavailable, but cancels keep working, per the Polymarket Status page.
- 22 October and later: Polymarket US may list its Presidential Announcement, Rate Dissent Count and Congressional Leadership contracts.
- 23 October: New York's response on a related filing against Polymarket US is due, according to a Gambling Insider update.
- 30 October: Deadline for Ohio licensees to report compliance with the commission's letter.
- 31 October: Polymarket's announced fee waiver ends.
- No date set: Ohio enforcement suits, a ruling on Polymarket US's Ohio case, and any Supreme Court action on New Jersey's petition.
For the wider market, see today's prediction market news.