The U.S. Department of Justice has launched an investigation into Polymarket, a betting agency that has been actively accepting bets on the U.S. presidential election; media reports said the authorities’ charges were apparently related to transactions by U.S. citizens on the platform that circumvented local laws.
According to media reports, Polymarket is one of the most active players in the market and received global attention during the US presidential election. Even now, the platform accepts bets on the most important political events in the country, such as the next Speaker of the House of Representatives and further appointments to the Donald Trump administration. According to multiple media reports, Americans cannot place bets on the platform.
On Wednesday morning, FBI agents searched Polymarket’s head, Shane Copeland, and seized his cell phones and electronics, the New York Post reported, citing sources.
“Copeland was not told the reason for the search, but sources suspected it was political retaliation because Polymarket accurately predicted Trump would easily win over Vice President Kamala Harris — contrary to traditional polling,” the report said.
The report also added that the platform itself does not allow trading in the United States, although users can bypass the ban by accessing the site through a VPN. The search of Copeland’s location took place a week after the bookmaker announced plans to return to the United States.
