Trump Jr.-backed 1789 Capital invests $300 million in Polymarket's $1B round
Polymarket, a popular platform where people bet on real-world events, just scored $300 million in funding from 1789 Capital, as part of a new funding round totaling around $1 billion.
Donald Trump Jr. is a partner in 1789 Capital. Interestingly, 1789 Capital is also tied to some edgy tech projects like Enhanced Games.
Polymarket sued amid federal oversight dispute
Even with all this cash flowing in, Polymarket and similar platforms are facing lawsuits from at least 20 states over sports betting rules.
While the federal government says only the Commodity Futures Trading Commission (CFTC) should regulate these markets, a bunch of state attorneys general disagree, arguing that the CFTC doesn't actually cover sports bets.
Trump Jr. recently backed federal oversight, saying it's enough and local intervention isn't needed.