Polymarket halts bets on fate of Cornell students accused of gang rape

After public outcry, Polymarket removed a contract from its prediction market platform that allowed users to wager on whether any of the seven men accused of raping a Cornell student in 2024 would be charged with a felony sex crime.Launched on Sept. 30, the contract was scheduled to run until Jan. 31, generating over $450,000 in volume before being removed from Polymarket’s international platform. “Our primary goal at Polymarket is to bring objective, data-driven insight to the most important questions of our time," a Polymarket spokesperson said Tuesday. "This market addressed whether the government would take action — a process that deserves scrutiny, particularly in a case of such serious concern. That said, we believe in the wisdom of crowds, have heard them loud and clear, and removed the market.”Oversight of the platform's U.S. exchange falls under the U.S. Commodity Futures Trading Commission, which forbids wagers connected to "activity that is unlawful under Federal or State law."Public backlash regarding the Polymarket contract has focused partly on its high-profile endorsers. Philadelphia 76ers star LeBron James, who holds an endorsement contract with Polymarket, recently starred in a celebrity-packed advertisement that featured Derek Jeter, Eli Manning, Sue Bird, and several other figures.Polymarket additionally maintains formal partnership deals with the NHL, Major League Baseball, Major League Soccer, the UFC, and the ATP Tour. Inquiries seeking a response were sent to each of these organizations.A spokesperson for director Spike Lee, who also featured in the commercial alongside James, stated there would be no comment. Requests for statement were likewise directed to representatives for actors Craig Robinson, John Leguizamo, and Alexandra Daddario, who appeared in the same advert.Messages were left by the AP on Tuesday with representatives for James, Jeter, Manning and Bird.Front Office Sports was the first to report on the contract.A woman identified in court documents by the pseudonym Jane Doe filed a lawsuit last month alleging that seven fraternity members sexually assaulted or exploited her in October 2024 and that Cornell mishandled her complaints. (Getty)All of those men have denied her allegations, saying either that their interactions were consensual or that they weren’t involved.Online critics characterized the Polymarket contract as degrading and questioned why celebrity ambassadors would associate themselves with the company. An online petition singled out James, Manning, Daddario and model Emily Ratajkowski while calling on other famous endorsers to cut ties with the company.Prediction markets provide an opportunity to trade on the result of future events. Sports account for a major portion of the volume generated by the array of typically yes-or-no question, depending on the platform.When a U.S. Army sergeant was indicted earlier this year over bets on the capture of Venezuelan President Nicolás Maduro, he was trading on Polymarket’s international platform. The Associated Press reported in April that 50 brand new accounts on Polymarket’s international platform placed substantial bets on a U.S.-Iran ceasefire in the hours, even minutes, before President Donald Trump announced a ceasefire on social media, raising concerns of insider trading.Polymarket had an active market on its international platform on Tuesday that allowed customers to trade on whether Cornell president Michael Kotlikoff will be out by Oct. 31. It had more than $10,700 in volume.