JPMorgan Chase & Co. ended its banking relationship with the prediction-market platform Polymarket in 2025 because of regulatory worries, the Financial Times reported. The bank informed the company that it needed to secure a new financial partner in October, according to individuals familiar with the matter who remained anonymous.
Polymarket has since begun working with a different lender, though the Financial Times did not identify the new institution. A representative for JPMorgan declined to provide comment on the termination of the relationship.
In a statement provided to the Financial Times, Polymarket stated that it continues to maintain "a close, active relationship with JPMorgan across multiple entities, operational integrations and material handling of customer fund flows." The company did not immediately respond to requests for additional comment regarding the specific nature of the separation.
Despite ending its primary banking services, JPMorgan retains certain connections with Polymarket. A person familiar with the situation indicated that the bank is keeping options open to potentially serve as an underwriter if the prediction market platform decides to pursue an initial public offering.
Prediction markets have expanded into a multi-billion dollar sector by providing financial contracts linked to diverse events, ranging from celebrity updates to geopolitical developments such as the reopening of the Strait of Hormuz. Sports betting wagers represent the largest portion of trading activity on these platforms and are central to ongoing debates regarding industry regulation.
