According to FT, Polymarket is carrying out regulatory lobbying in the UK, Brussels, and multiple EU countries, hoping that its prediction market contracts will be treated as financial derivatives and brought under financial services rules such as MiFID, rather than continuing to be governed by each country’s gambling regulations. The company has engaged with bodies including ESMA, the European Commission, and the UK’s FCA, and is seeking a license in Europe. Polymarket is currently raising funds at a valuation of more than $20 billion. Many European countries remain more stringent on retail prediction markets; regulators in the UK, France, Germany, and Italy, among others, have previously said that the business may require a gambling license.