Polymarket's viral videos showed people winning big, but the bets were fake
Summary
Polymarket paid social media users to post videos pretending they won large bets on its prediction market, but these bets were fake and made on copycat websites. The company used this marketing strategy to attract users to its mostly unregulated platform, which is technically barred in the US.Key Facts
- Polymarket hired social media creators to film fake bets showing big winnings to promote its service.
- These creators used near-identical scripts and simulated trades on copycat sites, not the real platform.
- One creator posted winning $100,000 on a fake bet about President Trump saying “McDonald’s,” but the bet never happened.
- Polymarket’s main platform is blocked in the US since 2022 after being called an illegal exchange by regulators.
- The company offers a limited, regulated US version through a mobile app acquired from a licensed firm.
- The fake bet videos got over 140 million views on TikTok, YouTube, and Instagram.
- Social media creators were paid between $2,000 and $3,000 a month and told not to reveal they were paid by Polymarket.
- The Wall Street Journal reviewed thousands of videos and messages showing how Polymarket directed and managed this campaign.
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