Polymarket CEO Shayne Coplan on Thursday emphasized how prediction markets provided a clearer view of election outcomes than traditional media on election night.
What Happened: "On Polymarket, it looked like a done deal," he said in an interview with CNBC, referencing the platform's early indication of Trump's win in key states. "If you were just watching TV, you would think it's neck and neck," Coplan pointed out, describing this as a critical moment that showcases how prediction markets could reshape news and politics.
The CEO elaborated on how Polymarket, which allows users to place bets on political events, provided more accurate signals hours before mainstream media reached similar conclusions.
"Polymarket was the first destination to basically convey that Trump had won," he noted, pointing out that it took traditional networks much longer to catch up.
According to him, Polymarket's real-time predictions, based on the collective insight of market participants, offered a distinct advantage over conventional news analysis.
This approach, he argued, marks "an inflection point in news and politics," where decentralized prediction markets could offer insights that polling and media coverage sometimes miss.
He credited the platform's accuracy to the "wisdom of the crowd," where participants put their money on the line, often driven by informed decision-making rather than partisan bias.
"A group of market participants like you see on Polymarket is more accurate than any given expert," he stated, echoing Elon Musk's previous comments that Polymarket was "more accurate than polls."
What’s Next: The future of prediction markets and their impact on traditional news reporting will be a focal point at Benzinga's Future of Digital Assets event on Nov. 19.
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