Polymarket, a decentralized betting platform, recently formed a roster of U.S.-based social media influencers to promote the platform’s election betting services, even as federal regulators have banned U.S. residents from participating in betting on the site.

Bloomberg News reported that the platform’s senior director of growth, Armand Saramout, issued invitations in September to influencers seeking sponsorship.

Recent Instagram posts from several influencers reveal content sponsored by Polymarket, tagged with hashtags like #PMPartner and #PolymarketPartner. Influencers such as Eric Pan, known for his personal financial advice, have also reportedly signed sponsorship deals with the site.

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Polymarket defended the statement ‘99% of visitors consume news and never place a transaction’

Polymarket’s spokesperson told Bloomberg News: “We reached out to influencers on both sides of the aisle to promote our data and drive traffic and attention to polymarket.com, where 99% of visitors consume news and never place a trade .” However, the spokesperson denied any intention to increase trading activity among US-based users through this sponsorship.

Just last month, Polymarket launched an investigation into several large bets, totaling $30 million, placed on former President Donald Trump winning in 2024. These bets were placed on four separate accounts, which the company later confirmed were belonged to one person. After bringing in outside experts to investigate the bets, Polymarket stated that they had not found any evidence of attempts to manipulate the market.

By the afternoon of Election Day, Polymarket data suggested Trump had a 60.1% chance of winning, while his Democratic opponent, Vice President Kamala Harris, had a 39.9% chance of winning.

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The platform allows betting on various outcomes – sports, entertainment and political events – using a digital dollar linked to a stablecoin. They then buy and sell stocks that reflect the likelihood of certain events, such as the outcomes of swing states, or what pollsters predict about who will win the popular vote.

Although US regulators have attempted to restrict or halt Polymarket’s operations in the United States due to its offshore location, some Americans are using virtual private networks (VPNs) to get around the restrictions.