Polymarket's Viral Videos Exposed as Fake

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. The practice raises concerns about the integrity of Polymarket's promotion and the potential for misleading users. By creating fake bets and paying influencers to promote them, Polymarket may have artificially inflated the appeal of its platform.

This could have broader implications for the prediction market industry, where trust and transparency are essential. As regulators scrutinize unregulated platforms like Polymarket, the company's tactics may face increased scrutiny. For developers and businesses, this highlights the importance of authenticity in marketing and the need for clear disclosure.

For consumers, it serves as a reminder to approach online promotions with a critical eye. Ultimately, the effectiveness of Polymarket's strategy and its long-term impact on the industry remain to be seen.