Shayne Coplan Responds to NY Times Critique

Shayne Coplan, CEO of the decentralized prediction platform Polymarket, rebutted a recent article from the New York Times that called Polymarket a "crypto-powered gambling website." The article highlighted that Polymarket was showing high 64% odds of Donald Trump winning the 2024 presidential election.

Coplan clarified that Polymarket is "strictly non-partisan" and never envisioned itself as a political platform. He mentioned that political bets could enhance Polymarket's focus on market-based forecasting.

> "We get told we're Dem operatives and MAGA, depending on the day," Coplan stated on X. He emphasized, "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."

Coplan explained that if people disagree with the market price, they can capitalize by buying positions they believe are underpriced.

Trump's winning odds are nearly double that of his Democratic opponent Kamala Harris, who has 35% odds. Polymarket reported that a French national placed a total of $45 million in bets for Trump across four accounts, raising market manipulation concerns. However, the platform said the trader's position reflects personal views, with no manipulation found.

Coplan also addressed criticisms regarding the company's ties to billionaire Peter Thiel, whose Founder's Fund led Polymarket's $45 million Series B funding round in May.

> "It's crazy I have to say this, but it's time to put the 'Thiel-controlled' narrative to rest. He has no direct contact or control with the company," Coplan asserted, adding that Thiel's politics do not influence Polymarket's operations.

The prediction market for the 2024 U.S. presidential election is the largest on Polymarket, with a total betting volume of $2.4 billion after crossing the $2 billion mark on October 17. Polymarket's cumulative volume for October has already reached $3.69 billion as the November 5 election approaches.