https://www.wsj.com/business/media/polymarket-social-media-bets-prediction-market-441cdeb5?mod=trending_now_news_2 (paywalled)
Recently dropped an OP discussing the long odds when betting on Polymarket. Turns out Polymarket is worse than an almost impossible place to win...
.. it turns out, Polymarket is largely a scam.
According to WSJ, Polymarket paid creators "to film themselves making fake trades and sometimes scoring fake wins, according to an analysis of more than 1,100 videos by the Journal, along with instructional materials and interviews with creators who have worked with the company."
Polymarket even created a fake Polymarket site that their creators could use to create these fake videos and hide the fact they were being paid by Polymarket.
Normally states can protect its residents from these unethical practices, but the feds are arguing they have exclusive authority over prediction markets.
Deceptive Advertising, Wire Fraud, Consumer Fraud, Market Manipulation -- the list goes on and on.
What a $#@% show. The Feds need to close these sites down until they can prevent outright fraud. Or at least let states take their own actions. One more example of paid off politicians in Washington. It never ends.
Recently dropped an OP discussing the long odds when betting on Polymarket. Turns out Polymarket is worse than an almost impossible place to win...
.. it turns out, Polymarket is largely a scam.
According to WSJ, Polymarket paid creators "to film themselves making fake trades and sometimes scoring fake wins, according to an analysis of more than 1,100 videos by the Journal, along with instructional materials and interviews with creators who have worked with the company."
Polymarket even created a fake Polymarket site that their creators could use to create these fake videos and hide the fact they were being paid by Polymarket.
Normally states can protect its residents from these unethical practices, but the feds are arguing they have exclusive authority over prediction markets.
Deceptive Advertising, Wire Fraud, Consumer Fraud, Market Manipulation -- the list goes on and on.
What a $#@% show. The Feds need to close these sites down until they can prevent outright fraud. Or at least let states take their own actions. One more example of paid off politicians in Washington. It never ends.
