Wall Street Journal investigation finds Polymarket paid creators for staged winning videos
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A Wall Street Journal investigation has identified over 1,100 social media posts where content creators were allegedly paid to film fake wins on the Polymarket platform. The report indicates these scripted segments were used to create a sense of success and high rewards for potential users.
Amalgamated from The Verge (opens in new tab), Slashdot (opens in new tab)
An investigation by the Wall Street Journal has reported that Polymarket, an online prediction market platform, paid content creators to produce social media videos featuring fabricated wins and trades. The findings, as reported by both The Verge and Slashdot, identified more than 1,100 such clips across various social media platforms.
The report indicates these videos were used to present a specific image of success for the platform's betting features. While many of the creators did not disclose their financial arrangement with Polymarket within the content of the videos, several individuals interviewed by the Wall Street Journal confirmed they received payments to film themselves winning and celebrating large payouts.
One specific instance highlighted in the report involved a college student who posted a video appearing to show a win of $100,000 on the platform. According to coverage from Slashdot, this was one of 145 cases where videos appeared to depict wins totaling nearly $410,000 across various accounts. The Wall Street Journal investigation clarified that these were not actual transactions but were instead scripted performances designed for promotional use.
The report suggests that the primary purpose of these clips was to generate interest in Polymarket by showcasing significant rewards. By employing influencers and creators to stage these wins, the company aimed to build a narrative of success for its platform. The investigation into the 1,100 videos highlights the difference between the content shared on social media and the actual trade data available on the platform.