Opinion Raises $20M as States Crack Down on Prediction Markets

Blockchain-based prediction market platform Opinion secured $20 million in a pre-Series A funding round. The raise comes as state regulators across the United States intensify enforcement actions against major competitors in the prediction market space.

Prediction market Opinion announces the completion of a $20 million Series A funding round, with participation from Hack VC, Jump Crypto, Primitive Ventures, Decasonic, and others. Its trading scope has expanded to macroeconomics, pre-token launch events, culture, and…

— Wu Blockchain (@WuBlockchain) February 4, 2026

The funding round drew participation from Hack VC, Jump Crypto, Primitive Ventures, and Decasonic. Opinion’s success in attracting capital stands out during a period of subdued activity in the broader crypto market.

The platform operates with fully on-chain settlement mechanics, distinguishing itself from centralized alternatives like Kalshi. Opinion currently handles approximately one-third of global prediction market volume and maintains over $130 million in open interest, according to Dune Analytics data.

Meanwhile, Binance Research estimated that total prediction market trading volume reached around $7 billion in December. The surge in activity coincided with heightened regulatory and political uncertainty worldwide.

Opinion Charts Global Expansion Path

Opinion’s fundraise arrives at a critical juncture for the prediction market industry. U.S. bank Citizens has noted that prediction markets are evolving from a niche product into a distinct asset class.

Monthly trading volumes across the sector now hover around $10 billion. Platforms have expanded their offerings beyond sports into macroeconomic forecasts and policy outcomes.

The company positions itself through diversification across multiple market categories. While competitors concentrate on sports and political betting, Opinion spreads activity across macro events, pre-token generation events, culture, and crypto markets.

Trading options on the platform range from CPI prints to geopolitical developments. This broader approach may offer some insulation from state-level sports betting restrictions.

Founder and CEO Forrest Liu outlined plans for the capital deployment. The company intends to deepen its regional presence and pursue global expansion ahead of the 2026 World Cup and upcoming elections.

The timing of the expansion push coincides with major global events that historically drive prediction market activity. World Cup betting markets and election forecasting have proven to be significant volume drivers for the industry.

Opinion’s on-chain settlement mechanism also provides a technical differentiation from centralized competitors. The blockchain-native infrastructure may appeal to users seeking transparency in market resolution.

State Regulators Target Industry Leaders

Prediction market platforms Polymarket and Kalshi now face mounting regulatory pressure across multiple U.S. states. Nevada, Massachusetts, Connecticut, and Tennessee have all initiated actions against these platforms in recent months.

BREAKING: Nevada state court issues temporary restraining order against Polymarket over offering of event contracts, says that the CEA does not vest exclusive jurisdiction in the CFTC. TRO will remain in effect for 14 days; hearing on the PI motion scheduled for 2/11. pic.twitter.com/p1tRk38EMD

— Daniel Wallach (@WALLACHLEGAL) January 30, 2026

A Nevada state court issued a temporary restraining order on Saturday against Blockratize, the entity operating Polymarket. Judge Jason Woodbury ruled in favor of the Nevada Gaming Control Board in the decision.

The order blocks Polymarket from offering sports and events contracts to Nevada residents. A hearing is scheduled for February 11 to determine further action. This segment represents over 80% of trading volumes for some platforms.

In a pivotal ruling, Judge Woodbury determined that the Commodity Exchange Act does not grant exclusive federal jurisdiction over Polymarket’s contracts. This decision undermines a central legal argument that prediction market platforms have used to justify nationwide operations.

Following the Nevada ruling, prediction market platforms must now navigate a fragmented regulatory environment. Each state presents unique compliance challenges and potential restrictions on specific contract types.

The industry’s growth trajectory faces a critical test as platforms balance expansion ambitions against mounting legal pressures. Blockchain-native infrastructure addressing real demand continues to attract investor capital despite the regulatory headwinds.

The February 11 hearing in Nevada will provide further clarity on the legal boundaries for prediction market operations. Industry observers are closely watching for precedents that could influence enforcement actions in other states.