The prediction market platform Polymarket has reportedly secured $300 million in funding from 1789 Capital, an investment fund with Donald Trump Jr. as a partner. This investment is part of a new funding round that is expected to total around $1 billion, according to reports from The Wall Street Journal.
1789 Capital has previously invested $200 million in Polymarket and has also funded other technology projects, including the Enhanced Games. The prediction market industry is currently facing increased regulatory scrutiny, with at least 20 states involved in litigation concerning sports wagers offered on these sites.
The federal government has often defended the prediction industry against state regulation. The Trump administration previously argued that the Commodity Futures Trading Commission (CFTC) should be the sole regulator. However, a coalition of 44 state attorneys general recently signed a letter disputing the CFTC's authority over sports-related wagers on prediction sites.
Donald Trump Jr. reportedly stated at an event with conservative state attorneys general that the prediction industry already has "robust oversight" and is "overseen by federal officials, not state attorneys general."