Polymarket CEO Shayne Coplan’s home was raided by the FBI early Wednesday morning after the Department of Justice launched an investigation into the betting platform for allegedly allowing U.S.-based users to place wagers.
The site’s popularity skyrocketed during the 2024 election season, with over $2.6 billion bet on the presidential election alone. Bettors accurately predicted President-elect Donald Trump’s decisive victory for the last month of the cycle. A Polymarket spokesperson said the raid was “obvious political retribution” for accurately predicting the election outcome.
Feds roused Coplan from his bed at around 6 a.m. Wednesday, confiscated his electronics, including his phone, but did not arrest him. The 26-year-old reacted to the raid in a pair of X posts.
“New phone, who dis,” says the first post.
He went on to affirm Polymarket’s commitment to being nonpartisan but suggested the Biden administration may deem the company “political opponents” because the site’s betting odds had Trump as a moderately heavy favorite. According to RealClearPolling and Election Betting Odds, every single platform they tracked had Trump as the favorite.
“It’s discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents,” said Coplan. “We are deeply committed to being non-partisan, and today is no different, but the incumbents should do some self-reflecting and recognize that taking a more pro-business, pro-startup approach may be what would have changed their fate this election.”
While Polymarket election betting odds went viral on social media throughout the election season, people in the United States are not allowed to use the platform. Instead, they had to use platforms such as Kalshi, PredictIt, and Robinhood, which are regulated by the Commodity Futures Trading Commission.
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It is likely that at least some people used VPNs to spoof their locations to use Polymarket. However, it is unclear whether the company was aware of this and what it did to mitigate it.
The Washington Examiner reached out to Polymarket for comment on the matter.