Polymarket, the online betting exchange where users wager on real-world outcomes, is exploring a valuation of $9 billion, according to The Information.

This marks a substantial increase from its previous $1 billion valuation only three months ago, when it raised capital led by Peter Thiel’s Founders Fund.

As regulations have eased, the CFTC has given Polymarket the permission to operate in the U.S. after previous bans, which could significantly boost growth.

Polymarket facilitates betting on various outcomes, including political events and court rulings. In the last U.S. electoral cycle, it processed over $8 billion in bets, surpassing major sports betting platforms like FanDuel and DraftKings in traffic.

Moreover, competitor Kalshi has also seen rising valuations, now estimated at $5 billion. Critics in the political sphere express concerns over prediction markets potentially fostering misinformation, while supporters argue they offer clear insights into public expectations for various events.