Polymarket Accused of Paying for Fake Betting Videos
An investigation alleges prediction market Polymarket paid social media creators to post misleading videos showing fake bets and winnings. The Wall Street Journal reviewed over 1,100 videos and creator materials, finding many used dummy websites. Polymarket stated it is committed to transparency and will audit its promotional content.
Key points
- The Wall Street Journal investigated Polymarket, finding it allegedly paid social media creators to post deceptive videos about fake betting wins.
- Over 1,100 videos were reviewed, with many reportedly using near-perfect copycat websites and depicting unreal winnings.
- Some creators stated their videos showed winning bets totaling nearly $900,000, which would have actually been losses exceeding $166,000.
- Polymarket allegedly employed a "social-media army" to amplify these videos and instructed creators not to disclose payment.
- Polymarket stated it is committed to transparency and plans to conduct an audit of its promotional content.
A Wall Street Journal investigation has reportedly uncovered that prediction market platform Polymarket has been paying social media creators to produce and share misleading videos. These videos allegedly show creators placing fake bets and celebrating fabricated winnings on the platform.
The investigation, which reviewed over 1,100 videos and associated creator guidance, found that many of the clips were filmed using near-identical dummy websites rather than the actual Polymarket platform. Furthermore, the Journal's review suggested that a significant portion of the "winning" bets depicted in the videos would have actually resulted in losses.
Some creators involved reportedly indicated that Polymarket also utilized a "social-media army" to boost the viral spread of these videos. While creators were initially not required to disclose their partnerships, some reportedly began adding "@polymarket partner" to their bios as scrutiny mounted. In response to the allegations, Polymarket has asserted its commitment to accuracy and transparency, announcing plans for an audit of its promotional content.
Sources
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