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Crypto

Polymarket faces backlash over ‘sick’ California wildfire markets

By admin
0 35

Polymarket faces backlash over ‘sick’ California wildfire markets

Polymarket is facing backlash over its “disgusting” prediction markets that are currently betting on the outcomes of the ongoing California wildfires.

The fires started in the Hollywood hills on Wednesday and spread across Los Angeles. A total of five deadly fires have caused the evacuation of over 137,000 people and the deaths of five.

Multiple Polymarket users have used the opportunity to create various prediction markets on the spread of the fire, when it will be contained, and potential political resignations. The volume has reached almost $100,000 in some of the markets.

Polymarket faces backlash over ‘sick’ California wildfire markets

Some of the wildfire markets currently on Polymarket.

However, many online aren’t impressed with the markets and Polymarket’s promotion of them. “Betting on a wildfire is sick,” claimed one X user, while another said that betting on such a tragedy “is unarguably uncouth beyond fucking measure.”

Some users raised concerns that a wildfire prediction market may incentivize bettors to start more fires in the hope that it might make their bet succeed. One noted that the market odds are based entirely on bettor sentiment, and in response to a post by Polymarket, said “No, there is no “48% chance it will spread”, there are 48% of people betting on that to happen.”

This type of backlash isn’t new for Polymarket. It faced a similar outcry last year when the Titan submersible market saw punters bet on whether or not the craft would implode and kill its five passengers.

To somehow mitigate its role in at least 10 different wildfire markets, Polymarket has placed a short disclaimer claiming it uses the “wisdom of the crowd” to create “accurate, unbiased forecasts” on events.

It said, “The devasting Pacific Palisades fire is one such event, for which Polymarket can yield invaluable real-time answers to those directly impacted in ways traditional media cannot.”

It’s worth noting that if you’re ever affected by a wildfire, it’s probably not wise to turn to a crypto prediction site for information over a news organization actively covering the events.

Protos reached out to Polymarket for comment and will update if we hear back.

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