Polymarket, which began its return to the US after a four-year ban with the acquisition of QCEX a year ago and the introduction of a mobile trading app in December, has started a campaign to convince politicians, regulators and potential users that it is trustworthy, the Associated Press reported on Wednesday.
According to the AP, Polymarket works with social media influencers to produce viral marketing on TikTok and other platforms, and has signed partnership deals with major sports teams and Major League Baseball, as well as news outlets including CNBC and CNN.
The steps Polymarket is taking in the U.S. will help legitimize it despite the problems it has faced in the past, Dan Lee, head of U.S. operations, said in an interview with the AP on Wednesday.
“I think having the international business as the bulk of the volume often obscures the progress we’re making here in the U.S. to expand Polymarket’s acceptance,” Lee said.
The company’s X account now has 1.7 million followers and posts about current events several times a day. Rival platform Kalshi, which has operated under the supervision of the Commodity Futures Trading Commission (CFTC) since 2020, has 431,400.
