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Polymarket Faces Scandal Over Fake Betting Videos

Engadget •
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Polymarket, the controversial prediction‑market platform, faces a fresh scandal after a Wall Street Journal probe showed the company paid Tik Tok creators to film staged betting wins. Of the 1,105 videos reviewed, 778 mimicked placing a bet, yet none linked to Polymarket’s real site; most used fabricated pages and 56% of the videos claimed large payouts that never materialized today.

Polymarket’s operation mirrors a broader push by prediction‑market firms to skirt regulation. Minnesota became the first U.S. state to ban such services last month, while other states face legal challenges. In Europe, Spain blocked Polymarket and competitor Kalshi in May as it reviews gambling‑law compliance the move signals tightening scrutiny on platforms that blend speculation with entertainment for users today.

Creators received detailed scripts and mock‑website screenshots to boost authenticity, while a so‑called social‑media army reposted the videos, amplifying reach. The scandal underscores how prediction markets can blur the line between legitimate betting and deceptive advertising, potentially misleading millions of casual users and complicating regulatory efforts. Polymarket’s tactics reveal a willingness to prioritize virality over transparency, eroding trust in financial.