Polymarket has been paying social media creators to post misleading content promoting its prediction market, according to an investigation by The Wall Street Journal. The newspaper reviewed 1,105 TikTok videos related to Polymarket, finding that 778 appeared to show users placing bets. However, none of those videos displayed the actual Polymarket website; instead, they featured dummy sites mimicking the real platform.
Additionally, more than half of the videos that seemed to depict winning bets actually showed bets that would have resulted in losses. The Wall Street Journal spoke with creators who confirmed they received guidance from Polymarket on how to craft convincing and engaging videos. The company also employed a “social-media army” to repost videos and enhance their visibility.
This year, Polymarket has gained attention as regulatory bodies evaluate how to oversee prediction markets. Minnesota became the first U.S. state to prohibit such markets last month. Other states have attempted similar bans, but those efforts face multiple lawsuits. In May, Spain blocked Polymarket and another prediction platform, Kalshi, while it assessed compliance with local gambling laws.
