Polymarket Audits Marketing After WSJ Alleges $1.9 Million in Fake Betting Wins
Updated
Updated · CBS New York · Jun 22
Polymarket Audits Marketing After WSJ Alleges $1.9 Million in Fake Betting Wins
3 articles · Updated · CBS New York · Jun 22
Summary
Polymarket said it is conducting a comprehensive audit of active promotional content after the Wall Street Journal reported creators were paid to post videos falsely showing customers winning a combined $1.9 million.
1,100 TikTok videos from 10 creators were reviewed by the Journal, which said many used dummy sites made to resemble Polymarket and that 118 videos showed nearly $900,000 in gains where matching trades would have lost more than $166,000.
The report also said a marketing contractor told clippers to redistribute the videos, extending their reach and helping drive users to Polymarket's offshore, unregulated platform.
The allegations add to existing scrutiny over insider-trading concerns and Polymarket's regulatory status: U.S. regulators barred it in 2022, while its newer CFTC-approved U.S. service remains invite-only and iPhone-only.