Polymarket Loads Up on Robinhood, Coinbase, Nasdaq Veterans Ahead of Its Biggest US Test

Polymarket is building out its U.S. operation as rival Kalshi races ahead in the domestic prediction market business.

Kalshi has turned sports trading into a huge growth engine, while Polymarket is still trying to translate the popularity of its international platform into a regulated U.S. exchange that can compete at the same scale.

Now Polymarket is recruiting accordingly.

CNBC reported Tuesday that the company has hired veterans of Robinhood (NASDAQ: HOOD ), Coinbase (NASDAQ: COIN ) and Nasdaq (NASDAQ: NDAQ ) across risk, compliance and regulatory roles.

Former Nasdaq executive Paul Jordan is now chief risk officer, while former Robinhood executive Megan McGrath serves as chief compliance officer.

Coinbase alumni have also taken senior roles overseeing regulation and investigations.

NFL trading ramps up in September, the midterms follow in November and both are expected to drive another surge in prediction market activity.

Trust Is the Product Polymarket's U.S. head Dan Lee, himself a Coinbase alumnus, told the Associated Press in July that "trust is the product we are building here." The company has recruited compliance, surveillance and regulatory specialists as it tries to establish its U.S. exchange as a credible regulated business separate from the international platform, the AP reported.

Polymarket spent several years outside the U.S. market after its 2022 CFTC settlement over operating an unregistered derivatives platform.

The arms race extends beyond personnel.

Kalshi said Monday it will use Nasdaq's market surveillance technology to detect manipulation and suspicious trading, The NFL Is Where the Competition Gets Serious Prediction markets hit a record $50.59 billion in trading volume in July across Kalshi, Polymarket and Polymarket U.S., according to The Block data.

Kalshi accounted for about $37.7 billion of that.

Sports have driven that lead.

Pew Research Center found sports made up 80% of Kalshi's volume since July 2024, versus 39% at Polymarket.

CNBC reported the coming NFL season is expected to revive activity after a post-World Cup slowdown.

Polymarket has already started attacking that gap, becoming the ATP's official prediction market partner this month with exclusive streaming rights in the U.S. prediction market category.

Marketing Problems Complicate the Push The hiring push comes as Polymarket tries to clean up its marketing operation after a Wall Street Journal investigation found that some creators were made to look like successful traders even though they were not risking their own money.

The report prompted a CFTC investigation.

CNBC said Travis VanderZanden, the Bird founder and former Uber and Lyft executive hired as Polymarket's chief growth officer, has also taken over marketing.

Polymarket has introduced new rules for promotional partners, retrained staff and brought in consulting firm AlixPartners to monitor content.

That leaves Polymarket fighting on two fronts: catching Kalshi in the booming U.S. sports market while convincing regulators and customers that its domestic exchange can be trusted.

The new hires suggest it is building for both.

Kalshi and have an existing data collaboration agreement.

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