Polymarket Reportedly Pays Creators for Fake Betting Videos
The Wall Street Journal investigation reveals Polymarket pays social media creators to post misleading content, with dummy sites and fake wins.
According to an investigation by The Wall Street Journal, prediction market Polymarket has been paying social media creators to post misleading content promoting the platform. The publication reviewed 1,105 TikTok videos along with guidance given to creators. Of those, 778 appeared to show someone placing a bet, but a closer look revealed that none featured the actual Polymarket website, instead using dummy sites made to look like the real thing. For more than half of the videos that appeared to show winning bets, those bets would in reality have been losses. The Journal spoke to creators who worked with Polymarket and viewed materials provided to ensure their videos were convincing and engaging. Additionally, Polymarket reportedly enlisted a "social-media army" to repost these videos and help them go viral. Polymarket has been making headlines this year as governments grapple with regulating prediction markets. Minnesota last month became the first US state to ban them. Other states have tried to do the same, but multiple lawsuits have challenged these efforts. Meanwhile, Spain blocked Polymarket and another prediction market, Kalshi, in May as it determines whether they violate the country's gambling law.
