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Polymarket US sued Arkansas on Monday 9 November, asking a federal court to block state enforcement against its sports event contracts. The complaint, QCX LLC v. Griffin et al., No. 1:26-cv-01076, was filed in the Western District of Arkansas. Crypto.com's OG.com filed a similar suit the same day.
Both companies argue that the Commodity Exchange Act gives the CFTC exclusive jurisdiction over their contracts and preempts Arkansas gambling law. They cite Attorney General Tim Griffin's state-court lawsuit against Kalshi, filed 4 November, as evidence that enforcement against them is coming. The case is one of several in which prediction markets apps now face state action over sports contracts.
Polymarket US also sued Missouri on 9 November, over the same type of contract. The Arkansas complaint is the company's second state challenge in three days.
No state response or ruling has been reported. The effect on Arkansas traders is not yet clear, and the outcome will depend on how the court treats the preemption argument. Readers can follow prediction markets in Arkansas for updates.
Biggest Market Moves
| Market | Venue | Price now | 24h change | 24h volume | |
|---|---|---|---|---|---|
| Pete Hegseth impeached by December 31, 2026? | Polymarket | 3.3¢ | -75.3 pts | $267,321 | |
| Fed increase interest rates by 25 bps after the January 2027 meeting | Polymarket | 50.5¢ | +25 pts | $227,638 | |
| Fed no change in interest rates after the January 2027 meeting | Polymarket | 48.5¢ | -23 pts | $222,692 | |
| Pete Hegseth out as Secretary of Defense by December 31? | Polymarket | 12.5¢ | -21 pts | $370,303 | |
| Pete Hegseth out as Secretary of Defense by November 30? | Polymarket | 4.5¢ | -14 pts | $157,879 |
Volume
Polymarket's rolling 24-hour volume was $43.30M as of 12:00 UTC on 11 November. Polymarket US does not publish 24-hour volume. Seven-day volume, the sum of the last seven daily readings, was $300.61M, down 41.22% on the previous seven days.
Regulation and Courts
New York ruling against Novig
On 10 November, Judge Colleen McMahon of the Southern District of New York denied Novig's request for a preliminary injunction. She held that Novig's sports event contracts are not swaps under the Commodity Exchange Act, so New York may enforce its gambling law against them. Novig is a separate exchange, not a Polymarket company.
The ruling bears on Polymarket US's own New York case, QCX LLC v. James, No. 1:26-cv-08345. Polymarket US moved for a preliminary injunction there on 12 October. No ruling has been reported.
CFTC examination reported
Crypto.news and Bitbase reported on 11 November that the CFTC is examining whether Polymarket complied with restrictions tied to its 2022 settlement, including limits on US access. Gate News reports a separate advertising-compliance review. The CFTC has not published a release on either matter, so the reports remain unconfirmed. The reports do not say which Polymarket platform the review covers.
Company News
Withdrawal allowlist (polymarket.com). Polymarket's VP of Engineering, Josh Stevens, announced a withdrawal address allowlist, reported on 10 November. Users can restrict withdrawals to pre-approved addresses. Adding a new address requires email verification and starts a 48-hour lock, which the user can cancel from the verification email. Cryptopolitan links the feature to a breach in which $2.73 million was taken from 737 accounts in about an hour.
Revenue (polymarket.com). Polymarket told CNBC on 10 November that annualized revenue has topped $1.8 billion, up from more than $1 billion disclosed in June. CNBC links the growth to the US exchange launched in May. The figure is a run rate, not revenue earned over a completed year. CNBC also reports a $1 billion funding round at a $21 billion valuation has begun.
Relayer policy (polymarket.com). From 11 November, the relayer relays only transactions that interact with Polymarket contracts and a short list of supported third-party contracts. Other transactions are rejected.
Combo fee change (Polymarket US). The combo taker-fee change takes effect at 1:00 PM ET today, 18:00 UTC. The fixed coefficient on the (1−p)^4 term falls from 0.085 to 0.06.
New markets (polymarket.com). Two markets were created on 10 November: November Unemployment Rate and a market on whether Meta (META) closes above a set price on 10 November.
What to Watch
- 18 November: Comment deadline for the CFTC's proposed swap definition. As of 9 November, the proposal had 11 public comments, none from states.
- 23 November: Phase 1 of Polymarket Protocol V2 begins at 8:30 AM, per the migration guide. App and website users need no technical migration but must complete any approval prompts.
- Early December: Deadline for registered operators to unblock geofenced states under the CFTC's 5 November interpretation, or explain why they cannot.
- No date set: A Southern District of New York ruling on Polymarket US's preliminary-injunction motion against New York.
Follow the latest rulings in the prediction market litigation tracker. For the wider market, see today's prediction market news.