The Conversation (0)
Ellie Abraham
Aug 09, 2021
A New York City-based cryptocurrency startup now allows people to place bets on the latest pop culture issues, including on topics like Britney Spears’ conservatorship and the next host of Jeopardy.
Polymarket was set up by CEO Shayne Coplan and allows people to bet on the outcome of current events with the hope that betting markets will give the “utmost accurate forecast of the future”.
At present, Polymarket gives Britney Spears a 28 per cent chance that by 1 October, her father Jamie Spears will have either been legally removed or will have quit the star’s conservatorship.
A $100 bet would win users around $257 if it were to happen.
Speaking to the New York Post, Coplan says his company is like a barometer for public issues.
All bets are made anonymously and Coplan believes they offer an accurate prediction of what is to happen in the future, politically, economically and socially.
Coplan told the publication: “It actually gives the utmost accurate forecast of the future — by way of letting people bet.”
The 23-year-old entrepreneur dropped out of New York University, where he was studying computer science, to start the company.
He claims the company is not only useful for those who want to gamble, but also to those monitoring the current and potential future social and political climate.
Users of Polymarket can sell shares at any time and can win (and lose) money very quickly through gambling.
According to Polymarket Whales which tracks users’ bets, one person lost $1,093,669 in one go – another won $566,080.
The cryptocurrency the company uses can be converted into cash, but users must use two: USDC and Ethereum, which is the second-largest after bitcoin.