NEW YORK (AP) — After four years in exile, the prediction market platform Polymarket has begun a well-funded campaign to sell a new version of itself to the American public.
To do so, the company is trying to convince policymakers, regulators, the public and prospective customers that the business it is building onshore is a more disciplined operation than the freewheeling offshore exchange that has at times been the subject of unfavorable headlines.
Polymarket has hired social media influencers to produce viral marketing on TikTok and other platforms. Its account on X, formerly known as Twitter, is now followed by millions and posts about current events throughout the day. It has signed partnership deals with major sports teams and Major League Baseball, as well as news organizations ranging from CNBC to CNN. It's all part of a pitch that its real-time markets are a more accurate read on the future than traditional polling or punditry.
The campaign is, effectively, an effort to sell Polymarket as something different from the Polymarket people know today.
What the American public knows as Polymarket has, at least by the letter of the law, been unavailable to Americans. In 2022, it was pushed offshore after settling federal charges that it operated an unregistered derivatives market. But Americans have regularly found ways around the prohibition, and the offshore business faced criticism over allegations of insider trading and allowing wagers tied to war and other violence.
To do so, the company is trying to convince policymakers, regulators, the public and prospective customers that the business it is building onshore is a more disciplined operation than the freewheeling offshore exchange that has at times been the subject of unfavorable headlines.
Polymarket has hired social media influencers to produce viral marketing on TikTok and other platforms. Its account on X, formerly known as Twitter, is now followed by millions and posts about current events throughout the day. It has signed partnership deals with major sports teams and Major League Baseball, as well as news organizations ranging from CNBC to CNN. It's all part of a pitch that its real-time markets are a more accurate read on the future than traditional polling or punditry.
The campaign is, effectively, an effort to sell Polymarket as something different from the Polymarket people know today.
What the American public knows as Polymarket has, at least by the letter of the law, been unavailable to Americans. In 2022, it was pushed offshore after settling federal charges that it operated an unregistered derivatives market. But Americans have regularly found ways around the prohibition, and the offshore business faced criticism over allegations of insider trading and allowing wagers tied to war and other violence.
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