Polymarket: Difference between revisions
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Rmv notability warning. Polymarket is by far the largest information market in the world right now, and has been receiving major media coverage. Over $200 million has been bet on the 2024 US presidential election alone. |
→History: make well-sourced changes requested by Mathlover111 on the talk page |
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Polymarket was founded by Shayne Coplan<ref name="Forbes24">{{cite news |last1=Folk |first1=Zachary |date=14 May 2024 |title=Peter Thiel Invests In Polymarket Political Betting Platform—But The Future Of Gambling On Elections Remains Unclear |url=https://www.forbes.com/sites/zacharyfolk/2024/05/14/peter-thiel-invests-in-polymarket-political-betting-platform-but-the-future-of-gambling-on-elections-remains-unclear/ |access-date=19 June 2024 |work=Forbes}}</ref> in 2020 as an online prediction market platform that would allow users to trade on the outcome of world events.<ref name="NBC232">{{Cite web |date=2023-07-10 |title=A resurgent online betting market is boosted by crypto and current events |url=https://www.nbcnews.com/tech/internet/polymarket-online-bet-submersible-russia-war-rcna93122 |access-date=2023-12-13 |website=NBC News |language=en}}</ref> |
Polymarket was founded by Shayne Coplan<ref name="Forbes24">{{cite news |last1=Folk |first1=Zachary |date=14 May 2024 |title=Peter Thiel Invests In Polymarket Political Betting Platform—But The Future Of Gambling On Elections Remains Unclear |url=https://www.forbes.com/sites/zacharyfolk/2024/05/14/peter-thiel-invests-in-polymarket-political-betting-platform-but-the-future-of-gambling-on-elections-remains-unclear/ |access-date=19 June 2024 |work=Forbes}}</ref> in 2020 as an online prediction market platform that would allow users to trade on the outcome of world events.<ref name="NBC232">{{Cite web |date=2023-07-10 |title=A resurgent online betting market is boosted by crypto and current events |url=https://www.nbcnews.com/tech/internet/polymarket-online-bet-submersible-russia-war-rcna93122 |access-date=2023-12-13 |website=NBC News |language=en}}</ref> |
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In January 2022, the platform was fined US$1.4 million by the [[Commodity Futures Trading Commission]], alongside receiving a [[cease and desist]] order, following regulation violations including not registering as a [[Swap Execution Facility]].<ref>{{Cite web |date=2022-01-04 |title=CFTC Fines Polymarket and Issues a Cease and Desist |url=https://finance.yahoo.com/news/cftc-fines-polymarket-issues-cease-025617843.html |access-date=2023-12-13 |website=Yahoo Finance |language=en-US}}</ref><ref>{{Cite news |date=2022-01-03 |title=Event-Betting Platform Polymarket to Pay $1.4 Million U.S. Fine |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-01-03/event-betting-platform-polymarket-to-pay-1-4-million-cftc-fine |access-date=2023-12-13}}</ref> |
In January 2022, the platform was fined US$1.4 million by the [[Commodity Futures Trading Commission]], alongside receiving a [[cease and desist]] order, following regulation violations including not registering as a [[Swap Execution Facility]].<ref>{{Cite web |date=2022-01-04 |title=CFTC Fines Polymarket and Issues a Cease and Desist |url=https://finance.yahoo.com/news/cftc-fines-polymarket-issues-cease-025617843.html |access-date=2023-12-13 |website=Yahoo Finance |language=en-US}}</ref><ref>{{Cite news |date=2022-01-03 |title=Event-Betting Platform Polymarket to Pay $1.4 Million U.S. Fine |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-01-03/event-betting-platform-polymarket-to-pay-1-4-million-cftc-fine |access-date=2023-12-13}}</ref> According to the CTFC, Polymarket offered “substantial cooperation” throughout the investigation which resulted in the company receiving a lower fine.<ref name=Forbes24></ref> |
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In May 2022, Polymarket appointed [[J. Christopher Giancarlo]], a former Commissioner of the CFTC, as chairman of its advisory board.<ref name="Bloomberg22">{{cite news |last1=Natarajan |first1=Sridhar |date=19 May 2022 |title=Crypto Betting Service Polymarket Taps Ex-CFTC Head as Chair After Agency Probe |url=https://www.bnnbloomberg.ca/crypto-betting-service-polymarket-taps-ex-cftc-head-as-chair-after-agency-probe-1.1768261 |access-date=1 March 2024 |work=Bloomberg}}</ref> |
In May 2022, Polymarket appointed [[J. Christopher Giancarlo]], a former Commissioner of the CFTC, as chairman of its advisory board.<ref name="Bloomberg22">{{cite news |last1=Natarajan |first1=Sridhar |date=19 May 2022 |title=Crypto Betting Service Polymarket Taps Ex-CFTC Head as Chair After Agency Probe |url=https://www.bnnbloomberg.ca/crypto-betting-service-polymarket-taps-ex-cftc-head-as-chair-after-agency-probe-1.1768261 |access-date=1 March 2024 |work=Bloomberg}}</ref> |
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In May 2024, it was announced that Polymarket had raised $70 million across two rounds of funding.<ref name=Bloomberg24>{{cite news |last1=Natarajan |first1=Sridhar |last2=Pan |first2=David |title=Peter Thiel’s VC Firm Backs Election Betting With Polymarket Investment |url=https://www.bloomberg.com/news/articles/2024-05-14/peter-thiel-s-founders-fund-backs-election-betting-with-polymarket-funding?embedded-checkout=true |access-date=19 June 2024 |work=Bloomberg |date=14 May 2024 |quote=Polymarket has raised $70 million across two rounds, with the most recent raise led by Founders Fund...}}</ref> The rounds included investments from [[Vitalik Buterin]], the co-founder of [[Ethereum]], and [[Founders Fund]], a venture capital firm founded by [[Peter Theil]].<ref name=Forbes24></ref> |
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In 2024, the outcome of U.S. elections became the most active market on the platform<ref name=Bloomberg24></ref> with over $200 million wagered on the presidential race between [[Donald Trump]] and [[Joe Biden]].<ref name=Forbes24></ref> |
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In June 2023, [[Mother Jones (magazine)|Mother Jones]] reported that interest around the company increased after a tweet about the outcome of the [[Titan (submersible)|Titan submersible]] went viral;<ref name="MotherJones23">{{cite news |last1=Breland |first1=Ali |date=23 June 2023 |title=Meet the Internet Gamblers Who Won Big Betting on the Submarine's Fate |url=https://www.motherjones.com/politics/2023/06/titanic-submarine-bets/ |access-date=29 February 2024 |work=Mother Jones}}</ref> the premise of the bet was whether or not the submersible would be found by a certain date<ref name="MotherJones23" /> rather than a wager on the fate of the passengers.<ref name="NBC23">{{Cite web |date=2023-07-10 |title=A resurgent online betting market is boosted by crypto and current events |url=https://www.nbcnews.com/tech/internet/polymarket-online-bet-submersible-russia-war-rcna93122 |access-date=2023-12-13 |website=NBC News |language=en}}</ref> Polymarket had over 60 [[Prediction market|markets]] available at the time of the submersible wager, including the outcome of the Guatemalan presidential election and the likelihood of Twitter suing Meta, and the likelihood that Russia would use nuclear force.<ref name="NBC23" /> |
In June 2023, [[Mother Jones (magazine)|Mother Jones]] reported that interest around the company increased after a tweet about the outcome of the [[Titan (submersible)|Titan submersible]] went viral;<ref name="MotherJones23">{{cite news |last1=Breland |first1=Ali |date=23 June 2023 |title=Meet the Internet Gamblers Who Won Big Betting on the Submarine's Fate |url=https://www.motherjones.com/politics/2023/06/titanic-submarine-bets/ |access-date=29 February 2024 |work=Mother Jones}}</ref> the premise of the bet was whether or not the submersible would be found by a certain date<ref name="MotherJones23" /> rather than a wager on the fate of the passengers.<ref name="NBC23">{{Cite web |date=2023-07-10 |title=A resurgent online betting market is boosted by crypto and current events |url=https://www.nbcnews.com/tech/internet/polymarket-online-bet-submersible-russia-war-rcna93122 |access-date=2023-12-13 |website=NBC News |language=en}}</ref> Polymarket had over 60 [[Prediction market|markets]] available at the time of the submersible wager, including the outcome of the Guatemalan presidential election and the likelihood of Twitter suing Meta, and the likelihood that Russia would use nuclear force.<ref name="NBC23" /> |
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Revision as of 15:30, 10 July 2024
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| Developer(s) | Shayne Coplan |
|---|---|
| Platform | Ethereum |
| Available in | English |
| Type | Prediction Market Platform |
| License | Free software (GPL) |
| Website | polymarket |
Polymarket is a decentralized prediction market platform that allows users to place bets on world events. Users buy and sell shares using cryptocurrency to bet on the likelihood of future events taking place.
History
Polymarket was founded by Shayne Coplan[1] in 2020 as an online prediction market platform that would allow users to trade on the outcome of world events.[2]
In January 2022, the platform was fined US$1.4 million by the Commodity Futures Trading Commission, alongside receiving a cease and desist order, following regulation violations including not registering as a Swap Execution Facility.[3][4] According to the CTFC, Polymarket offered “substantial cooperation” throughout the investigation which resulted in the company receiving a lower fine.[1]
In May 2022, Polymarket appointed J. Christopher Giancarlo, a former Commissioner of the CFTC, as chairman of its advisory board.[5] In May 2024, it was announced that Polymarket had raised $70 million across two rounds of funding.[6] The rounds included investments from Vitalik Buterin, the co-founder of Ethereum, and Founders Fund, a venture capital firm founded by Peter Theil.[1]
In 2024, the outcome of U.S. elections became the most active market on the platform[6] with over $200 million wagered on the presidential race between Donald Trump and Joe Biden.[1]
In June 2023, Mother Jones reported that interest around the company increased after a tweet about the outcome of the Titan submersible went viral;[7] the premise of the bet was whether or not the submersible would be found by a certain date[7] rather than a wager on the fate of the passengers.[8] Polymarket had over 60 markets available at the time of the submersible wager, including the outcome of the Guatemalan presidential election and the likelihood of Twitter suing Meta, and the likelihood that Russia would use nuclear force.[8]
References
- ^ a b c d Folk, Zachary (14 May 2024). "Peter Thiel Invests In Polymarket Political Betting Platform—But The Future Of Gambling On Elections Remains Unclear". Forbes. Retrieved 19 June 2024.
- ^ "A resurgent online betting market is boosted by crypto and current events". NBC News. 2023-07-10. Retrieved 2023-12-13.
- ^ "CFTC Fines Polymarket and Issues a Cease and Desist". Yahoo Finance. 2022-01-04. Retrieved 2023-12-13.
- ^ "Event-Betting Platform Polymarket to Pay $1.4 Million U.S. Fine". Bloomberg.com. 2022-01-03. Retrieved 2023-12-13.
- ^ Natarajan, Sridhar (19 May 2022). "Crypto Betting Service Polymarket Taps Ex-CFTC Head as Chair After Agency Probe". Bloomberg. Retrieved 1 March 2024.
- ^ a b Natarajan, Sridhar; Pan, David (14 May 2024). "Peter Thiel's VC Firm Backs Election Betting With Polymarket Investment". Bloomberg. Retrieved 19 June 2024.
Polymarket has raised $70 million across two rounds, with the most recent raise led by Founders Fund...
- ^ a b Breland, Ali (23 June 2023). "Meet the Internet Gamblers Who Won Big Betting on the Submarine's Fate". Mother Jones. Retrieved 29 February 2024.
- ^ a b "A resurgent online betting market is boosted by crypto and current events". NBC News. 2023-07-10. Retrieved 2023-12-13.