Prediction market platform Polymarket has announced a deal with X to become the social media giant’s official prediction market partner.
As part of the deal, Polymarket and X will share data to provide news updates and recommendations related to various prediction markets. The partnership will also incorporate X’s AI product, Grok, to assist Polymarket users with their market trades by providing insights and context.
The announcement comes as a surprise in the context of Polymarket not being legally available in the U.S. and in light of a recent apparent PR blunder that suggested Kalshi was entering into a similar content partnership with Elon Musk’s xAI company.
Polymarket-X Deal will help traders make ‘informed decisions’
In a press release, Polymarket founder and CEO Shayne Coplan said:
“Combining Polymarket’s accurate, unbiased, and real-time prediction market probabilities with Grok’s analysis and X’s real time insights will enable us to provide contextualized, data-driven insights to millions of Polymarket users around the world instantaneously.”
“We look forward to enhancing X and Polymarket users’ ability to make instant sense of breaking news and make informed decisions about the future as we continue to scale our platform,” Coplan added.
The first product resulting from the partnership is to be launched today (June 6). According to the press release, “a suite of integrations and unique experiences” developed jointly between X and Polymarket will follow.
Partnership signals ‘new chapter for truth on the internet’
Polymarket posted on X (naturally) this morning about the partnership, leaning into their stated shared values of truth and transparency, with a little shade thrown at mainstream media.
The official Polymarket X account posted:
“The next information age won’t be driven by the 20th century’s media monoliths — it’ll be driven by markets. Our partnership with (X) marks a new chapter for truth on the internet. The future of news is optimized for truth, rooted in transparency, and anchored in reality.”
CEO Coplan also posted about the deal on X, writing, “The two top truth seeking apps on the internet are stronger together. Welcome to News 2.0.”
While X owner Elon Musk has yet to comment on the partnership, in the press release announcing the deal, X CEO Linda Yaccarino said, “Polymarket ensures transparency through its prediction markets, and has grown into a staple source of real-time information for many X users.”
Polymarket currently restricted in the U.S.
Polymarket, which calls itself “the world’s largest prediction market,” is currently not available in the U.S. The platform pulled out of the U.S. in early 2022 as part of a settlement with the Commodity Futures Trading Commission (CFTC), which charged Polymarket with operating an unauthorized derivatives market by offering “event-based binary options contracts” without obtaining “designation as a designated contract market.”
The CFTC has more recently signaled a friendlier approach to prediction markets, allowing Kalshi to expand and offer its markets to traders in all 50 states.
Kalshi errantly announced similar X deal recently
Just a few weeks ago, it appeared that Kalshi had inked a similar deal with X. On May 20, Kalshi CEO Tarek Mansour posted on X and LinkedIn announced a partnership with xAI that would “shape the future of news.” Mansour later deleted the posts, including one on X in which he also declared, “No one has fought for truth harder than Elon Musk.”
The day after the initial announcement was carried by Bloomberg, the news outlet reported that Kalshi had rescinded its statement and that a spokesperson for the prediction market platform told them that “details of the announcement had not been mutually confirmed.”
