Polymarket has removed a contract from its prediction market platform that allowed users to bet on whether any of the seven men accused of sexually assaulting or exploiting a Cornell University student in 2024 would face felony sex crime charges.
The market was launched on Sept. 30 and was scheduled to close on Jan. 31. It had generated more than $450,000 in trading volume before being removed from Polymarket's international platform.
The company's US exchange is regulated by the US Commodity Futures Trading Commission, which prohibits trading related to “activity that is unlawful under Federal or State law.”
“Our primary goal at Polymarket is to bring objective, data-driven insight to the most important questions of our time,” a Polymarket spokesperson said Tuesday.
“This market addressed whether the government would take action — a process that deserves scrutiny, particularly in a case of such serious concern. That said, we believe in the wisdom of crowds, have heard them loud and clear, and removed the market,” the spokesperson added.
Front Office Sports was the first to report on the contract.
Some criticism of the Polymarket contract has focused on celebrities who promote the company. Philadelphia 76ers star LeBron James has an endorsement deal with Polymarket and recently appeared in a star-studded commercial featuring Derek Jeter, Eli Manning, Sue Bird and several other celebrities.
The Associated Press left messages with representatives for James, Jeter, Manning and Bird on Tuesday seeking comment.
Polymarket also has partnership agreements with the NHL, Major League Baseball, Major League Soccer, the UFC and the ATP Tour. AP sought comments from each organisation.
A spokesperson for Spike Lee, who also appeared alongside James in the Polymarket commercial, said the director had no comment. AP also left messages with representatives for actors Craig Robinson, John Leguizamo and Alexandra Daddario, who featured in the advertisement.
A woman identified in court documents under the pseudonym Jane Doe filed a lawsuit last month alleging that seven fraternity members sexually assaulted or exploited her in October 2024 and that Cornell mishandled her complaints.
All seven men have denied the allegations, saying their interactions with the woman were consensual or that they were not involved.
Online critics described the Polymarket contract as degrading and questioned why celebrity ambassadors would associate themselves with the company.
An online petition launched by UltraViolet, a national women-led advocacy organisation, named James, Manning, Daddario and model Emily Ratajkowski, urging other prominent endorsers to sever ties with the company.
AP also left a message seeking comment from a representative for Ratajkowski, who appeared in the celebrity-filled commercial with James.
Prediction markets allow users to trade on the outcomes of future events. Sports account for a significant share of the trading volume generated by these platforms, which typically offer yes-or-no questions.
Earlier this year, a US Army sergeant was indicted over bets related to the capture of Venezuelan President Nicolás Maduro. The sergeant had traded on Polymarket's international platform.
In April, AP reported that 50 newly created accounts on the platform had placed substantial bets on a US-Iran ceasefire in the hours, and in some cases minutes, before President Donald Trump announced the ceasefire on social media. The activity raised concerns about possible insider trading.
Polymarket still had an active market on its international platform on Tuesday allowing users to bet on whether Cornell President Michael Kotlikoff would leave his position by Oct. 31. The market had generated more than $10,700 in trading volume.