According to the report, Polymarket pays U.S.-based social media influencers to place election bets on the site, despite federal regulators banning Americans from betting on the platform. It is said that it is advertising.
Armand Saramout, Polymarket's senior director of growth, sent an offer to popular social media influencers in September to approach them for sponsorship deals with the site. According to Bloomberg News.
In recent weeks, several influencers have posted Polymarket-sponsored content on their Instagram pages using the hashtags #PMPartner and #PolymarketPartner.
Eric Pan, an influencer who provides personal finance advice, also appears to have signed a contract with Polymarket based on his posts.
“We reached out to influencers on both sides of the aisle to promote our data and drive traffic and attention to polymarket.com. 99% of visitors consume news, do business There was no,” a Polymarket spokesperson told Bloomberg News.
However, a spokesperson denied that the company's intention was to facilitate transactions by US-based site visitors.
Polymarket last month began investigating the background of a mysterious gambler who bet $30 million on former President Donald Trump's victory in Tuesday's election.
The company brought in outside experts to analyze four bets totaling $30 million made in separate accounts. According to the Wall Street Journal.
A company spokesperson told Bloomberg News that the account was owned by a single individual. An investigation revealed that the individual was not attempting to manipulate the market.
As of noon Tuesday, Polymarket puts Trump's chance of victory at 60.1%. election. Her Democratic opponent, Vice President Kamala Harris, had a 39.9% chance of winning.
Polymarket is a decentralized prediction market platform that allows users to: bet on the outcome of an event Be it sports, entertainment, or politics.
Users deposit digital stablecoins pegged to the US dollar through a network of websites and trade stocks that represent the likelihood of a particular outcome.
US regulators are looking to restrict or shut down the offshore-based site, but users can still access Polymarket through a virtual private network (VPN).
Polymarket users can also bet on the outcome of battleground state races and which candidate will win the popular vote.
Unlike Polymarket, SoHo-based competitor Kalshi is regulated by the Commodity Futures Trading Commission (CFTC), which designates the site for swaps, futures, and options trading.
