Polymarket allegedly created a fake version of its site and produced videos instructing influencers on how to create and share fake wagers with their followers.
Semafor reported that Polymarket staff shared a video titled “Getting Started with Fakecharts: Setup and Deposits” on a Discord account with dozens of social media creators.
The video explains how influencers can navigate the “fakecharts” platform to make trades that appear genuine. Polymarket employee Tobin Tang admits, “This is fake money,” before backtracking and stating, “I mean real money, obviously.”
Investigation Highlights Fake Polymarket Trades
The Semafor report aligns with a Wall Street Journal investigation that claimed 10 influencers paid by Polymarket placed fake bets valued at $1.9 million.
Not only did the social media creators not actually place real trades, but in many instances, they claimed winnings on bets they would have lost.
For example, one creator, George Makihara, posted a video showing a $1,000 wager on Donald Trump to say McDonald’s in January. He celebrates winning $100,000, but Polymarket’s site settled the bet as a loss.
Other Platforms Accused of Faking Bet Slips
Similar accusations have been leveled at other companies, including Stake. Many allege that Drake’s high-stakes wagers on the platform are created using a fake interface.
Stake reportedly pays Drake $100 million a year to promote the platform, meaning even if he is genuinely playing with his own money, it can arguably be said that the funds come from the gambling company.
Bloomberg alleged that the wins the rapper has on Stake’s online casino are unrealistic, although the math anomaly has since been disproven. Unlike the Polymarket case, no conclusive evidence has been produced to show Drake’s wagers are fake.
Similarly, Fanatics Sportsbook showed Jay-Z losing a $1 million on a bet on the NBA Finals earlier this year. The rapper holds a significant stake in the company, prompting accusations that he was not making a genuine wager.
Prediction Market Influencers Under Scrutiny
In response to the Wall Street Journal investigation, Polymarket said it was “committed to maintaining accurate, fair, and transparent markets. We are part of a rapidly growing industry and are constantly evaluating ways to improve how we’re engaging and earning the trust of our audience.”
When asked if it continues to allow creators to use a fake version of the site, the company did not respond.
Its influencer partnerships also came under scrutiny earlier this year when several paid promoters questioned the results of the Los Angeles mayoral election. Both Kalshi and Polymarket partners endorsed Spencer Pratt and claimed the election had been rigged.
Kalshi said it had asked its ambassadors to remove content questioning the election’s integrity, but Polymarket’s promoters continued to sow doubt.
The company did cut ties with one promoter, dumping George Santos, as allegations emerged that he had wagered on his own attendance at the State of the Union address on Kalshi.
