Polymarket has reportedly raised $300 million from 1789 Capital, an investment fund in which Donald Trump Jr is a partner, as part of a funding round that could value the prediction market at about $1 billion.
The Wall Street Journal reported the investment, citing people familiar with the matter. The deal would mark a further $200 million commitment from 1789 Capital, which has previously invested in Polymarket.
Polymarket allows users to trade contracts based on the outcome of future events. The company has not publicly confirmed the latest funding, and TechCrunch said it had contacted Polymarket for comment.
1789 Capital has also backed the Enhanced Games, a proposed sporting event in which competitors would be permitted to use performance-enhancing drugs. The project has been described by its organisers and critics as the “steroid Olympics”.
The latest investment comes as prediction markets face mounting legal and regulatory challenges in the United States, particularly over contracts linked to sports results. At least 20 states are involved in litigation concerning sports wagers offered through prediction platforms.
The Trump administration has argued that prediction markets should be regulated exclusively by the Commodity Futures Trading Commission, rather than by individual states. The CFTC has sued at least nine states over efforts to regulate the industry.
However, a coalition of 44 state attorneys general recently argued in a letter that the federal regulator does not have the authority to oversee sports-related wagers on prediction sites.
Donald Trump Jr recently appeared at an event involving conservative state attorneys general, where The New York Times reported that he described the prediction industry as having “robust oversight”. He also characterised prediction sites as tools “overseen by federal officials, not state attorneys general”.
