Trump Jr.-backed fund injects $300M into prediction platform Polymarket

Polymarket has secured $300 million from 1789 Capital, a fund in which Donald Trump Jr. is a partner, as part of a funding round expected to total around $1 billion. This follows an earlier $200 million investment from the same firm. The prediction market is currently facing regulatory challenges from multiple states over sports-related wagers.

The $300 million injection brings 1789 Capital's total stake in Polymarket to $500 million, with the full round expected to approach $1 billion. The fund has previously backed other contentious tech ventures, including the Enhanced Games, a competition founded by tech industry veterans that permits performance-enhancing drug use.

The funding arrives amid a widening regulatory battle. More than 20 states are litigating against prediction platforms over sports-related wagers, while the CFTC has sued at least nine states attempting to impose their own rules. A coalition of 44 state attorneys general has challenged federal authority in this area, arguing the CFTC lacks jurisdiction over sports betting on these sites.