Polymarket, an online betting marketplace that bills itself as the future of news, can’t decide whether or not Ukrainian president Volodomyr Zelenskyy wore a suit during a recent appearance in Europe. The gambling site is set to make a final judgement about the question in a few hours and more than $160 million in crypto is riding on it.
Polymarket is a gambling website where users predict the outcome of binary events. It gained prominence in the runup to the 2024 election, signed an exclusivity deal with X in June, and sees itself not just as an online betting parlor, but as an arbiter of truth. Its founder, Shayne Coplan, thinks that the future of media belongs to a website made for degenerate gamblers to make silly bets.
And yet this arbiter of truth had trouble figuring out if Zelenskyy wore a suit at the end of June during a NATO summit. The bet, started on May 22, is simple: “Will Zelenskyy wear a suit before July?” The answer, it turns out, is pretty hard. When Zelenskyy showed up at a NATO summit wearing a tailored jacket and a button up shirt, a stark contrast to his more casual military style garb, a community-run Polymarket account posted, “President Zelenskyy in a suit last night.”