Senators Urge CFTC Probe Polymarket Over Faked Ads Report

A bipartisan pair of US senators has asked the Commodity Futures Trading Commission to investigate the prediction market platform Polymarket after a report said the company paid social media influencers to post videos of fake bets. Republican John Curtis and Democrat Adam Schiff sent a letter to CFTC Chair Mike Selig, saying they were concerned Polymarket 'used deceptive marketing tactics to promote gambling-style products to US audiences.' A Wall Street Journal story on June 20 said Polymarket paid creators to film trades on websites resembling its platform and that many did not disclose the payments.

The Journal reviewed over 1,100 videos and found 70% featured fake bets totaling nearly $2 million.

United States

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