Polymarket, the online betting exchange where users wager on real-world outcomes, has weighed a deal that would value the company at $9 billion, according to The Information.

The number marks a sharp climb from its $1 billion valuation just three months ago, when it raised funds in a round led by Peter Thiel’s Founders Fund.

The rise comes as regulators loosen restrictions. In 2021, the Commodity Futures Trading Commission barred Polymarket from offering prediction contracts in the U.S. But earlier this year the agency gave the platform the green light to operate domestically, opening the door for new growth.

Polymarket allows users to place bets on political elections, court rulings and geopolitical events. During the last U.S. election cycle alone, the site processed more than $8 bill

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