More from Everything is gambling now: the latest news on prediction markets like Polymarket and Kalshi
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A new tidbit about the prediction markets startup from last week’s issue of Command Line:
Coplan recently raised, but has yet to announce, a $30 million round of funding at a $350 million valuation. And in recent conversations with investors (a surprising number of whom passed on the round, which was less than Coplan hoped to raise), I’m told he was noncommittal about whether the company would work to get the Commodity Futures Trading Commission license it needs to operate in the US.
According to The Wall Street Journal:
It wasn’t immediately clear what prompted the FBI’s search of [Shayne] Coplan, the 26-year-old entrepreneur behind one of the most successful prediction markets in history. But Polymarket quickly tied the raid to its track record in the recent presidential election, in which bettors on its platform correctly anticipated that Donald Trump would beat Vice President Kamala Harris.
Bloomberg also reports that Polymarket is being investigated by the DOJ for allegedly letting users in the US place bets on the site.
The startup has received “tens of millions from investors in short-term loans“ to make sure it can cover election bets:
Like most brokerages, the company offers instant funding to new users. This means users can start trading right away, even though it may take two to three business days for the funds to be officially transferred from the customer’s bank account to Kalshi’s.
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