Polymarket faces backlash for launching betting markets on California wildfires
Following the outbreak of the Palisades Fire in Pacific Palisades, which has scorched nearly 24,000 acres since it began on January 7, the crypto-based prediction platform Polymarket has launched relevant betting markets.
According to the Polymarket's website, users have wagered over $1 million on various events connected to the wildfire, with the most notable market titled 'When will the Palisades wildfire be fully contained?' attracting more than $300,000 in bets.
The appropriateness of this move has sparked media scrutiny. In response to inquiries from The Times, a representative from the company expressed, "We extend our heartfelt sympathies to all those impacted by these fires and commend the brave efforts of first responders and the local community."
However, Lost Angeles Times columnist Bill Shaikin has lambasted this response, stating, "The statement rings hollow while individuals continue to place bets on the misfortunes of ordinary Angelenos. Polymarket should remove these wildfire odds. Those six historic words from 1954 remain relevant today: Have you no sense of decency?"
