Mark Cuban Dismisses Trump’s 27% Poll Lead on Polymarket, Citing ‘Foreign Money’

• Famed investor Mark Cuban has slammed online crypto prediction platform Polymarket.
• Bettors have so far wagered over $2 billion on the outcome of the U.S. presidential election.
• Some of Polymarket’s polls have raised ethical issues since the platform’s inception.

Billionaire entrepreneur Mark Cuban has dismissed the legitimacy of Polymarket election odds, the Ethereum (ETH)-based betting platform that has shown a significant lead for Donald Trump so far.

The platform, which previously received a ringing endorsement from Elon Musk and Vitalik Buterin, was accused by the investor of being funded with “foreign money.”

Mark Cuban Questions the Credibility of Polymarket

As the presidential election draws closer, bettors have used Polymarket to wager over $2.1 billion in its outcome.

The meteoric interest in crypto predictions on various topics, such as Trump vs. Harris, sports, and real-life events, has seen Polymarket experience substantial growth.

Despite its success, Cuban remains unconvinced on the legitimacy of its predictions.

“From all indications, most of the money coming into Polymarket is foreign money, so I don’t think it’s an indication of anything,” he said.

The Shark Tank star, a staunch supporter of Democrat Kamala Harris, did, however, reveal that he was an indirect investor in the platform through a crypto fund he was involved in.

“I know that you’re not supposed to be an American and bet on Polymarket. So it’s not really an indication of anything,” he added.

Elon Musk Celebrates Polymarket

On Oct. 7, Musk took to X to celebrate crypto betting markets and highlighted Polymarket as an example.

“More accurate than polls, as actual money is on the line,” Musk wrote  with an accompanying screenshot of the platform.

Trump is currently 27% ahead of Kamala Harris in the Polymarket poll, so Musk’s comments are hardly surprising, given the Tesla CEO’s immense support for the former President.

What Is Polymarket?

Polymarket is a prediction market platform on the Ethereum blockchain, where users can trade on the outcomes of real-world events. The platform’s trading volume surged from a $63 million in May to over $1 billion in August.

Polymarket’s success has been bolstered by the upcoming election cycle, but the platform has gained controversial success in the past. Some of the controversial polls arising on the platform have included coronavirus death tolls and bets on whether countries will invade one another.