US Influencers Promote Betting on Polymarket Despite Ban

Polymarket, a prediction market platform that is decentralized, is getting US-based social media influencers to push election betting. 

Influencer Marketing Efforts Persist Despite Federal Betting Restrictions on Polymarket

This has been happening even though federal rules do not allow Americans to place bets on the site. People with influence on platforms like Instagram are putting up posts with hashtags like #PMPartner and #PolymarketPartner, reported Bloomberg. This shows the ongoing efforts to bring in more traffic and get people involved.

In September, Armand Saramout, Polymarket’s Senior Director of Growth, contacted well-known influencers to talk about possible sponsorships. Accounts such as @sarcasm_only, which Xavi Fahard runs and which has over 16 million followers, have since signed multi-post deals with Polymarket. Fahard pointed out that while sponsored content gets less interaction than regular posts, Polymarket’s ads did about as well as others when it came to engagement.

Influencers like Eric Pan of @ericnomics, along with popular meme accounts such as @moist and @hoodclips, have taken part in this campaign. The posts often showed predictions and betting odds, with images displaying Donald Trump leading Kamala Harris in the presidential contest. Even with this promotional effort, Polymarket claims its goal is not to push US-based trades but to spark interest and guide users to their website.

Polymarket Faces Regulatory Challenges and Scrutiny Amid Influencer Promotions

Polymarket has a history of regulatory problems, including a $1.4 million settlement with the Commodity Futures Trading Commission for operating without required licenses. This settlement caused the platform to stop US-based traders, though some Americans still access it using VPNs. The company says 99% of its visitors read news without trading, but the promotions driven by influencers seem to target a wider US-based audience.

The platform came under more scrutiny after a trader bet about $26 million on Trump. Polymarket looked into this and decided the trader’s actions did not aim to manipulate the market but showed personal beliefs.

Besides teaming up with influencers, Blockratize, which owns Polymarket poured almost $270,000 into election-related ads on Facebook and Instagram targeting US users in the week before the election. These ads often showed Trump ahead and pushed viewers to believe market predictions more than regular polls. The ads, which favored Trump, have raised doubts about Polymarket’s neutrality and its plan to attract Trump supporters.

Even though the company says it is fair and open showing Trump more than Harris makes people wonder if they are playing favorites. This also brings up worries about betting on political events. People are keeping a close eye on Polymarket as they deal with legal issues and try to manage their public image.