Polymarket has been accused of creating a counterfeit version of its betting platform, along with producing instructional videos for influencers on how to fabricate wagers for their followers. Semafor reported that Polymarket staff shared a video titled “Getting Started with Fakecharts: Setup and Deposits” via a Discord server populated by various social media creators.
This instructional video guides influencers through the process of using the “fakecharts” platform to execute trades that appear authentic. In the video, Polymarket employee Tobin Tang acknowledges, "This is fake money," but quickly reassures viewers, "I mean real money, obviously."
The Semafor report aligns with findings from a Wall Street Journal investigation, which stated that ten influencers compensated by Polymarket engaged in fictitious betting activities worth $1.9 million. Instead of placing legitimate trades, many of these creators claimed winnings on bets that would have resulted in losses.
For instance, creator George Makihara posted a video showcasing a $1,000 wager on Donald Trump making a reference to McDonald's in January. While he celebrated a supposed $100,000 win, Polymarket's own site recorded the bet as a loss.
Accusations regarding falsified betting slips are not limited to Polymarket. Stake, another platform, has faced similar scrutiny, particularly concerning rapper Drake's high-stakes wagers, which some allege are constructed using a fraudulent interface. Reports suggest that Stake pays Drake $100 million annually for promotional purposes, leading to the suggestion that any genuine bets he places still involve company funds.
While Bloomberg claimed that some of Drake's wins on Stake's online casino appeared unrealistic, this assertion has been disproven, and, unlike the Polymarket claims, no definitive evidence has surfaced to suggest that Drake's bets are fake.
In a comparable situation, Fanatics Sportsbook displayed Jay-Z incurring a $1 million loss on an NBA Finals bet earlier this year. Given his substantial ownership stake in the company, this incident raised suspicions about the authenticity of his wagering.
In light of the Wall Street Journal's findings, Polymarket stated its commitment to ensuring accuracy, fairness, and transparency in their markets. The company noted that it operates within a rapidly expanding industry and is continually seeking ways to engage its audience and build trust. However, Polymarket did not clarify whether it still permits creators to utilize a counterfeit version of its platform.
Earlier this year, Polymarket's influencer partnerships also came under fire when several promoters questioned the integrity of the Los Angeles mayoral election results. Both Kalshi and Polymarket associates supported Spencer Pratt, alleging electoral misconduct. Kalshi reportedly instructed its ambassadors to retract claims questioning the election's legitimacy, whereas Polymarket's promoters continued to cast doubt.
The company did sever ties with one promoter, George Santos, amid allegations that he placed bets related to his own attendance at the State of the Union address on Kalshi.
