A Wall Street Journal investigation alleges prediction market Polymarket paid creators to stage fake winning bets on copycat websites as part of a viral marketing campaign. The probe found none of the ~$1.9 million in bets shown across 1,105 videos were real. The allegations surface as Polymarket, previously fined $1.4M by U.S. regulators, seeks to re-enter the American market. The company says it will review its promotional content.
Prediction market growth
- ▪Open interest in prediction markets reached a record $1.48 billion in the week ending June 15, 2026
- ▪Prediction market open interest, the value of active bets, has increased sixfold in the last year
Polymarket fake marketing allegations
- ▪The marketing campaign used dummy websites, such as poiymarket.com, designed to mirror the real platform
- ▪Creators were paid approximately $2,000 to $3,000 a month and were instructed not to disclose the payments
- ▪A Wall Street Journal investigation alleges Polymarket paid social media creators to stage fake winning bets on copycat websites
- ▪The investigation reviewed 1,105 videos and found none of the roughly $1.9 million in bets shown were genuine
- ▪In response to the allegations, Polymarket stated it will conduct a thorough review of its promotional content
- ▪In 2022, U.S. regulators fined Polymarket $1.4 million for operating an unregistered market
- ▪Across 118 videos, creators celebrated about $900,000 in fabricated wins from bets that would have actually lost over $166,000
Dear Media podcast partnership
- ▪The weekly audio and video show combines pop culture news with live trading data from Polymarket
- ▪Polymarket has partnered with Dear Media to launch its first podcast, titled "What Are the Odds?"
User demographics expansion strategy
- ▪The podcast is part of a strategy to expand Polymarket's user base beyond its current narrow, mostly male demographic
- ▪Sports betting (39%), crypto (20%), and politics (32%) currently account for 91% of Polymarket's trading volume
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