Polymarket reportedly raises $300 million from 1789 Capital, WSJ says
Prediction market platform Polymarket, according to TechCrunch, has raised $300 million from investment fund 1789 Capital as part of a new funding round. As The Wall Street Journal reported, citing unnamed sources, the total size of the round could be about $1 billion.
1789 Capital investment
According to the WSJ, 1789 Capital led the funding round. Donald Trump Jr. is a partner in the fund. Earlier, 1789 Capital had already invested $200 million in Polymarket.
TechCrunch reported that it contacted Polymarket for comment. 1789 Capital also funded the Enhanced Games — competitions that TechCrunch calls the so-called “Steroid Olympics.”
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Regulatory disputes in the United States
Prediction markets have come under increased scrutiny from U.S. state regulators. At least 20 states are involved in legal disputes with prediction platforms over sports betting available on such sites.
The U.S. federal government, for its part, has repeatedly defended the prediction market industry from regulation at the state level. The Trump administration stated that the U.S. Commodity Futures Trading Commission, rather than state authorities, should be the industry’s sole regulator. The Commission has filed lawsuits against at least nine states over their attempts to regulate the sector.
A coalition of 44 state attorneys general signed a letter stating that the Commodity Futures Trading Commission lacks the authority to regulate sports betting on prediction platforms. As The New York Times reported, Donald Trump Jr. said at an event involving conservative state attorneys general that there was “robust oversight” of the industry and described such platforms as a tool overseen by federal officials rather than state attorneys general.
