In order to introduce real-time prediction markets into live combat sports, TKO Group Holdings, the parent company of the UFC and Zuffa Boxing, has partnered with Polymarket for a number of years.
With this agreement, the UFC and Zuffa Boxing will be the first sports leagues to use prediction market technology in live events. In addition to typical sports betting, Polymarket will offer real-time data visualisations of fan mood and momentum during bouts.
More on the deal
“What’s exciting about our approach is you can buy and sell and you can trade just like a stock throughout the fight,” Polymarket CEO Shayne Coplan said Thursday on CNBC’s “Squawk Box.” “You can buy and sell as momentum swings. We will start with that and we will take from there based on customer feedback.”
The agreement comes after Polymarket’s previous sports-related alliances, such as those with PrizePicks and the NHL, as the business continues to grow beyond politics and international events into live entertainment.
“By partnering with Shayne and his team at Polymarket, we’re unlocking a new dimension of fan engagement,” said Ariel Emanuel, executive chair and CEO of TKO, in a statement.
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“Integrating Polymarket with the UFC and Zuffa Boxing live experience will help fans interact with these events in real time, transforming passive viewership into active participation.”
In the meanwhile, Polymarket paid $112 million to buy the parent firm of QCEX, an exchange and clearinghouse with a CFTC license. The acquisition gives Polymarket the legal foundation to start serving American customers again.
Polymarket returns to US
Polymarket has begun a beta test of its U.S. exchange in anticipation of a domestic comeback after years of offshore operations. The prediction platform has joined Google Finance and Yahoo Finance, allowing a small number of users to gamble on genuine contracts.
Polygon CEO Sandeep Nailwal celebrated the deal partnership. It’s a personal moment for Nailwal. He mentioned that Polymarket operates only on the Polygon network and revealed that he has been a longtime follower of the UFC. Early on, during more difficult market years, he and Polygon Ventures backed this.
In addition to being a UFC fan, Sandeep Nailwal stated that the occasion felt unique. However, he helped Polymarket throughout its first difficulties. The endeavor was successful “against all odds,” according to his article. Additionally, he views this agreement as confirmation of its long-term goals.
Coplan described the collaboration as a turning point for his group. He made the announcement after ringing the New York Stock Exchange’s opening bell.