iGaming Weekly Recap (July 21-27, 2025): Polymarket Returns to the US
Following a $112 million acquisition of QCX, the prediction market platform has paved the way to legally offer its markets to U.S. customers once again. Additionally, the vote on Brian Quintenz’s candidacy for CFTC chair fell through due to logistical issues, while the Fair Bet Act, aimed at countering the effects of the One Big Beautiful Bill on gambling, is gaining momentum. Stay up to date with our Weekly Recap!
Polymarket, a giant in cryptocurrency-based prediction markets, is re-entering the U.S. market through a $112 million acquisition of QCX (also known as QCEX), a CFTC-licensed derivatives exchange based in Florida. The acquisition, encompassing QCX, LLC and QC Clearing, LLC, provides Polymarket with regulatory clearance, bypassing years of bureaucratic hurdles thanks to QCX’s CFTC approval obtained on July 9, 2025. This move follows the conclusion of investigations by the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC) into Polymarket’s violations of a 2022 settlement, which forced the company to block U.S. users after a $1.4 million fine. Polymarket CEO Shayne Coplan expressed his intent to “bring Polymarket back home.”
The Senate Agriculture, Nutrition, and Forestry Committee’s vote on Brian Quintenz’s nomination as chair of the Commodity Futures Trading Commission (CFTC) was unexpectedly postponed on July 21 due to logistical issues, specifically a flight delay affecting Senator Cindy Hyde-Smith. Quintenz, a former CFTC commissioner (2017–2021) and current head of policy at cryptocurrency fund Andreessen Horowitz, was nominated by President Donald Trump to lead the key regulator of derivatives and prediction markets. The vote was scheduled following a June 10 hearing, during which Quintenz faced criticism for his ties to Kalshi, a prediction market platform where he serves on the board, and for his ambiguous stance on the legality of sports event contracts offered by companies like Kalshi and Crypto.com.
Hard Rock Bet officially entered Colorado’s sports betting market, marking its ninth state expansion and making it the first new sports betting operator to launch in Colorado since January 2024. Hard Rock Bet operates under a market access agreement with Johnny Nolon’s Casino in Cripple Creek. To attract new users, Hard Rock Bet is offering a welcome bonus: bet $5 and receive $150 in bonus bets instantly.
The FAIR Bet Act is gaining new sponsors in Congress to restore full deductions for gambling losses for taxpayers. It currently has 10 sponsors, including Democrats Darren Soto and Chris Deluzio, and Republicans Troy Nehls, Jefferson Van Drew, Mark Amodei, and Guy Reschenthaler. Introduced by Las Vegas Representative Dina Titus, the bill aims to counteract provisions in President Donald Trump’s One Big Beautiful Bill (OBBB), which reduced gambling loss deductions from 100% to 90%. This change, effective January 1, 2026, means players will have to pay taxes on a portion of their winnings, even if losses offset gains, disproportionately affecting professional gamblers.
California Attorney General Rob Bonta pledged to take enforcement actions against daily fantasy sports (DFS) operators continuing to operate in the state. His declaration followed a July 3 legal opinion deeming DFS platforms a form of illegal sports betting. Bonta emphasized that his opinion was not merely theoretical, and the law will be enforced, confirming he will pursue actions against platforms that persist. He clarified that his move is a legal obligation, not a choice, as he was the first to receive a formal request for a legal opinion on the matter, a significant departure from his predecessors, Kamala Harris and Xavier Becerra, who issued no such opinions.
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