While prediction market platform Polymarket has been cleared to re-enter the U.S., a firm launch date has yet to be announced, as the company continues its work to ensure compliance with all Commodity Futures Trading Commission (CFTC) regulations.
We now have a sense of some of the promotions Polymarket may use to attract new users to the platform thanks to recent CFTC filings. The filings lay out a couple of “incentive” programs — one that would match a new trader’s first deposit up to a certain amount, and another that would provide bonuses for referrals to the site.
Polymarket’s filings are pursuant to CFTC regulation 40.6(a), which requires registered futures and swaps markets to “self-certify” new or updated rules. The rules are implemented if there is no CFTC challenge after 10 days. Both incentive filings were submitted on Sept. 11. According to the submissions, the “refer-a-friend” incentive will become effective Sept. 24, while the deposit incentive goes into effect Sept. 25, so both will likely be available once the platform launches in the U.S.
Polymarket’s “deposit incentive” functions like a deposit match bonus
The recent filings were submitted under the name QCX LLC, which is the name of the CFTC-approved platform Polymarket purchased to gain U.S. market access. The filings also state that QCX LLC is doing business as “Polymarket US.”
The filing for the deposit incentive program declares its purpose is “to increase market participation and liquidity on Polymarket US. Greater liquidity benefits all Participants in the market by adding depth and narrowing bid/offer spreads.”
The concept is similar to the signup bonuses that online sportsbooks offer to attract new participants, particularly when a sports betting operator enters a new market.
Polymarket’s deposit incentive proposal says the offer is available only on a new user’s first deposit. The user’s deposit would be matched by Polymarket “subject to a cap as posted on the Exchange website.” The incentive funds, or bonus, can be used on trades, after which the funds “may be withdrawn upon position settlement or liquidation.”
The filing offers the following example of how the deposit incentive would work:
“On October 1, 2025, Polymarket US sends links to all Participants advising them of the Deposit Incentive Program, capped at the greater of the next deposit amount or $100. Mr. Smith, a natural person and directly clearing member in good standing, clicks on the link to enroll in the program. On October 2, Mr. Smith deposits $50 and is credited with the $50 incentive amount when the funds have cleared at the Clearinghouse bank. Mr. Smith then purchases 100 contracts at $0.50 each, utilizing the $50 incentive amount. Subsequently, Mr. Smith exits the contract at $0.40, which releases $40 of initial margin, which may then be withdrawn by Mr. Smith.”
Referral incentives “enhance and diversify market participation”
The other related filing proposes a “Refer-A-Friend Incentive Program,” which is similar to referral bonus promotions at retail brokerages, sportsbooks, DFS platforms, online casinos, and other gaming sites.
The filing says the purpose of the referral incentive program is to “enhance and diversify market participation with a corresponding increase in market liquidity on Polymarket US.”
Program participants will receive a unique referral link to send to potential new Polymarket traders. The filing says the referred person will be credited with a bonus after signing up and being approved for a new Polymarket account; no deposit is required. The referring person will receive their incentive for the first 14 referrals “that resulted in an incentive payment.” The exact amount of the bonuses are not specified.
Polymarket offered the following example of how the referral incentive program would operate:
“On October 1, 2025, Polymarket US sends a unique link to each Participant advising them of the Refer-a-Friend Incentive Program that offers $10 to each of the Referring Participant and any Referred Party that becomes a Participant of the Exchange. Mr. Smith, a natural person and Participant in good standing, posts his unique link on his social media page with an explanation of Polymarket US’ Refer-a-Friend Incentive Program. Subsequently, thirty (30) of Mr. Smith’s friends begin applications to become Participants at Polymarket US, however, only twenty (20) complete the process successfully. Mr. Smith will receive $10 for each of the first 14 to complete the process successfully; all twenty (20) of the Referred Parties will each also receive $10 for successfully completing the application.”
And here’s a further example offered for how the referred friend’s bonus would work once received:
“Ms. Jones is one of Mr. Smith’s Referred Parties and uses the $10 to purchase 20 contracts at $0.50 each. Ms. Jones makes no further deposits. Subsequently, Ms. Jones receives $1.00 per contract at the contract settlement time for a total of $20. Ms. Jones then chooses to withdraw the $20, which will be processed by the Clearinghouse in the normal course of business.”
Incentives could help Polymarket compete for traders with Kalshi
Polymarket’s incentive filings with the CFTC are another sign that a launch date may be announced soon. Polymarket would still have to comply with several other regulatory requirements, including Know Your Customer procedures and anti-money laundering protocols, among many others. QCX/Polymarket US will also have to self-certify all markets it plans to offer. No markets have yet been submitted by the company, according to the CFTC’s DCM portal.
Polymarket US’s biggest competitor initially upon re-entry into the U.S. market will be Kalshi, which reportedly recently leapfrogged Polymarket as the global prediction market trading volume leader, even though it is only available to U.S. users. Kalshi has attracted record-breaking trading volume with its football markets this year. The potential surge in interest in prediction markets related to sports, and specifically football, is another reason why many expect Polymarket to try to launch in the next few weeks or months.
Polymarket’s new user bonus and referral incentives should help the platform (re)build its trader base and domestic trading volume immediately and begin to catch up with Kalshi, which has had a substantial head-start in the U.S. Kalshi offers similar sign-up and referral bonuses, like offering new users a $10 bonus after making $100 in trades and providing a $10 bonus for referrals to both the referrer and the new user.
