Polymarket runs election betting ads via influencers despite US trading ban: report

Polymarket has partnered with US-based influencers to promote election betting despite a federal ban on American users betting on the platform.

According to Bloomberg, Polymarket contacted US-based social media influencers to promote election betting despite local restrictions.

Polymarket’s senior director of growth, Armand Saramout, met with several U.S. influencers in September to raise awareness, according to the report. Instagram accounts such as Mr Moist (5.5 million followers), HoodClips (12 million followers) and finance-focused Eric Pan (203,000 followers) have since published posts with thematic hashtags sponsored by Polymarket.

Xavi Fahard, who manages an Instagram account with more than 16 million followers, confirmed the multi-share agreement with Polymarket. In comments to Bloomberg, Fahard noted that the ads performed comparably to other sponsored content.

Polymarket under spotlight after trader makes $28 million bet on Trump

A spokesperson for Polymarket confirmed to Bloomberg that the trading platform is targeting the US market. But the spokesperson noted that the company is “reaching out to influencers on both sides of the aisle to promote our data and drive traffic and interest to polymarket.com, where 99% of visitors follow the news and never trade.”

Scrutiny into Polymarket’s reach in the US intensified after The New York Times revealed that a single trader with a financial services background had placed nearly $28 million in Trump-related bets across four accounts. The betting platform denied any market manipulation and assured the investor that their bets reflect personal views rather than an attempt to manipulate the market.