**Polymarket CEO Refutes New York Times, Calls Prediction Platform a “Non-Partisan” Market Alternative**
Shayne Coplan, CEO of the decentralized prediction platform Polymarket, recently responded to a New York Times article that described Polymarket as a “crypto-powered gambling website.” The article spotlighted the platform’s prediction odds, which currently show a 64% chance of former President Donald Trump winning the 2024 U.S. presidential election. While Polymarket enables users to speculate on political outcomes, Coplan emphasized that the platform is non-partisan and designed to focus on market-driven forecasting.
In a post on X (formerly Twitter), Coplan pointed out that the platform’s purpose isn’t political. “We get told we’re Dem operatives and MAGA, depending on the day,” he wrote. “Unfortunately, the story is much less juicy; we’re just market nerds who think prediction markets provide the public with a much-needed alternative data source.” He added that Polymarket’s predictions are based on a user-driven market model, allowing individuals to place bets according to their analysis, not influenced by the platform’s own views.
Polymarket’s prediction data, particularly around the upcoming election, has been controversial. Trump’s odds on the platform are significantly higher than those for current Vice President Kamala Harris, who holds a 35% chance. The high stakes led one French trader to bet a cumulative $45 million on Trump’s success, using four accounts. While some raised concerns about market manipulation, Polymarket clarified that the sizable position aligns with the trader’s own views and that no evidence of manipulation was found.
As Coplan highlighted, the underlying structure of Polymarket allows anyone to challenge market odds they believe to be inaccurate. “The idea is if people disagree with the market price, they have the opportunity to capitalize by buying the side they think is priced too low,” he explained. This decentralized approach to data offers what Coplan believes to be a valuable “alternative data source” for the public.
Polymarket’s roots in crypto and its high-profile funding from prominent investors have also attracted scrutiny. In May, billionaire Peter Thiel’s Founders Fund led a $45 million Series B funding round for Polymarket. This connection has sparked speculation that Thiel’s political beliefs could be influencing Polymarket’s market environment. However, Coplan dismissed the notion of Thiel’s control. “It’s crazy I have to say this, but it’s time to put the ‘Thiel-controlled’ narrative to rest,” Coplan stated, underscoring that Thiel has no direct role in the platform’s day-to-day operations or pricing mechanisms.
The 2024 U.S. presidential election remains the most active prediction market on Polymarket, with total betting volumes reaching $2.4 billion by mid-October. Coplan disclosed that Polymarket’s October volume alone already stands at $3.69 billion, with momentum expected to build as the election nears.
Polymarket’s unique approach to market forecasting and its exponential growth underline the platform’s role in the digital asset space. By offering a venue for public sentiment and predictions on high-stakes events, Polymarket has set itself apart from traditional platforms, aiming to reshape public access to predictive data and keep partisanship at bay.
