Polymarket's viral videos showed people winning big, but the bets were fake
"Winning" bets were made on cloned website and would have lost money, WSJ finds.
Polymarket paid dozens of social media users to film themselves making fake bets for a promotion that aimed to convince people they can strike it rich on the prediction market, according to a Wall Street Journal investigation published on Saturday.
"In its push to draw users to its unregulated platform, Polymarket has flooded social media with videos like [George] Makihara’s, which appear genuine at first glance," the article said. "In reality, Polymarket built near-perfect copies of its website, then instructed creators to make simulated trades on those dummy sites and hide that they were being paid by Polymarket."
Makihara, a college student, posted a video in January "that showed him winning $100,000 on a wager that President Trump would publicly say the word 'McDonald's' that month." But trade data showed that no one on Polymarket won such a bet in January, according to the Journal. This was one of 145 bets that Makihara appeared to place on Polymarket between January and May, but all of those bets were fake, the article said.