The Wall Street Journal published an investigation describing promotional tactics used by Polymarket and related third parties. The report details staged content, payments, and platform practices.

Key findings from the report

According to the Journal, Polymarket operated duplicate website pages and recruited student creators who posted staged winning videos for pay. The article states creators received remunerations of about $2–3 thousand per month.

The investigation found 1 105 videos that collectively advertised approximately $1.9 M in purported winnings, while none of those wagers were actual bets, the report says.

One highlighted clip shows an apparent $100 K payout after a claim that former President Trump told McDonald’s to act, though the Journal notes the remark never occurred and the footage predates the claim.

WSJ also reports that the platform’s CMO transferred $2.5 M via PayPal to more than 800 recipients for promotional posts that were not labeled as advertising.

Media and market context

The piece notes that News Corp and Fox News have been under the leadership of Lachlan Murdoch since September, and that Fox has aired Kalshi market odds since March. The Journal also mentions that CNBC holds a stake in Kalshi.

The report contrasts coverage of Polymarket with simultaneous media attention to Kalshi, which the Journal lists with an estimated valuation of $22 B, reported revenue near $2 B, and an IPO reportedly approaching.

The article raises the possibility that several major financial outlets are promoting one exchange while reporting critically on another, though it does not assert impropriety beyond the disclosed facts.

Responses and remaining questions

The Journal invited comment from named individuals and documents payment flows, but independent verification of all reported transactions may require additional inquiry. The investigation also records contact between WSJ journalists and outside commentators, including a referenced social media author.

Readers should note the investigation’s documented figures and examples while distinguishing confirmed payments and staged content from wider platform performance and regulatory status.