Polymarket's viral videos showed people winning big, but the bets were fake
3 hours ago
- #regulatory violations
- #social media manipulation
- #prediction markets
- Polymarket paid social media creators to fake bets for a promotion aimed at attracting users.
- They used dummy websites identical to the real platform for simulated trades, hiding payments.
- A college student's video showed winning $100,000 on a fake bet about Trump saying 'McDonald's'.
- All 145 bets made by the student between January and May were fake, with no such win recorded.
- Videos followed a template: creators placed bets and called winnings 'free money', with guidance from Polymarket.
- The promotion targeted U.S. residents, requiring at least 60% of viewers to be in the U.S.
- Polymarket's main platform has been barred in the U.S. since 2022 due to CFTC regulations, accessible only via VPN.