An efficient synthesis of a cyclodextrin polymer by a polymer-analogous reaction of lithium beta-cyclodextrinate with poly[(N-vinyl-2-pyrrolidinone)-co-(maleic anhydride)] is described. Because cyclodextrin polymer is highly water-soluble, its binding of guests, like 1-adamantanamine and 1-adamantanecarboxylic acid, could be investigated by titration microcalorimetry. All cyclodextrin moieties are accessible by the guest within the polymer, but binding constants are slightly lower than those for native beta-cyclodextrin. Binding constants are influenced by Coulomb interactions between the guest and the anionic polymer backbone.