FBI raids Polymarket founder’s home in criminal probe of election betting platform

The FBI searched the New York City home of Polymarket founder Shayne Coplan as part of a criminal investigation into the election betting platform, law enforcement sources told ABC News.

The investigation, at least in part, involves whether Polymarket violated a prior settlement with the U.S. government by allowing American-based users access to its platform.

The 2022 settlement with the Commodity Futures Trading Commission required Polymarket to pay a $1.4 million penalty for operating an illegal unregistered "event markets" that allowed users to bet on events taking place in the future, such as who will win a presidential election.

Coplan posted on X, "It's discouraging that the current administration would seek a last-ditch effort to go after companies they deem to be associated with political opponents."

He added that the company is "deeply committed to being non-partisan."

Polymarket correctly predicted Donald Trump's victory in the U.S. presidential election last week.

"This is obvious political retribution by the outgoing administration against Polymarket for providing a market that correctly called the 2024 presidential election, " a company spokesman added. "Polymarket is a fully transparent prediction market that helps everyday people better understand the events that matter most to them, including elections. We charge no fees, take no trading positions, and allow observers from around the world to analyze all market data as a public good."