Prediction market Polymarket has closed a $1 billion funding round, with $300 million coming from 1789 Capital, an investment fund where Donald Trump Jr. is a partner.
The Wall Street Journal reported the raise, citing unnamed sources. 1789 Capital previously invested $200 million in Polymarket and has backed other controversial tech projects, including the Enhanced Games, a platform criticized for promoting performance-enhancing substances.
Prediction markets face growing regulatory pressure, with at least 20 states suing over sports wagers offered on such sites. The Trump administration has argued that the Commodity Futures Trading Commission, not state governments, should regulate the industry. A coalition of 44 state attorneys general recently challenged the CFTC’s authority to oversee sports-related wagers on prediction platforms.
