According to a report, PolyMarket is paying US-based social media influencers to promote election betting on its site – despite the fact that federal regulators have banned Americans from betting on the platform.
Polymarket’s senior director of development, Armand Saramout, sent out an overture to popular social media influencers in September to pitch them a sponsorship deal with the site, According to Bloomberg News.
Several influencers have posted Polymarket-sponsored content on their Instagram pages in recent weeks using the hashtags #PMPartner and #PolymarketPartner.
Eric Pan, an influencer who gives personal finance advice, has also apparently signed a deal with Polymarket based on his post.
“We reached out to influencers on both sides of the aisle to promote our data and drive traffic and attention to Polymarket.com, where 99% of visitors see news and never visit,” a Polymarket spokesperson told Bloomberg News. Don’t do business.”
But the spokesperson denied that the company intended to promote business among visitors living in the US.
Last month, Polymarket launched an investigation into the identity of mysterious bookmakers who placed $30 million in bets Victory of former President Donald Trump In Tuesday’s election.
The company called in outside experts to analyze four bets, which were placed into separate accounts totaling $30 million, According to the Wall Street Journal.
A spokesperson for the company told Bloomberg News that the accounts were owned by one individual. The investigation revealed that the person was not trying to manipulate the market.
Tuesday afternoon Polymarket gives Trump 60.1% chance of winning Election. His Democratic opponent, Vice President Kamala Harris, had a 39.9% chance of winning.
PolyMarket is a decentralized prediction market platform that allows users to Bet on the outcomes of events In sports, entertainment or politics.
Users deposit a digital stablecoin that is pegged to the US dollar through the web site’s network and trade shares that represent the probability of specific outcomes.
US regulators have tried to either limit or shut down the site, which is based offshore, although users are still able to access Polymarket via a virtual private network (VPN).
PolyMarket users can also bet on the outcome of swing state races as well as which candidate will win the popular vote.
Opposite Polymarket, Kalshi, It’s a Soho-based competitorIs regulated by the Commodity Futures Trading Commission (CFTC), which has designated the site to trade swaps, futures and options.
