German-American billionaire Peter Thiel, investor in the online betting platform Polymarket, has called critics of his investments “legionnaires of the Antichrist” in a series of threatening lectures, The Washington Post reported Friday.
In leaked audio obtained by The Post, Thiel railed against what he believes are evil forces in U.S. society that criticize industries such as artificial intelligence. He delivered the lectures to sold-out audiences at the Commonwealth Club in San Francisco.
Thiel appears to be all in on Polymarket. In August, Polymarket raised $135 million in a funding round led by Thiel’s Founders Fund. A year earlier, he was part of a $70 million funding round.
The Post reporting did not mention Polymarket or the gambling sector, and it’s unclear if Thiel made any comments specific to so-called “prediction” betting platforms, which operate under the federal Commodity Futures Trading Commission.
Despite a CFTC license, Kalshi, Polymarket’s main rival, is facing legal challenges to its sports betting business. Numerous states have argued that the product circumvents their authority to regulate online gambling.
Polymarket, which also takes sports bets, has been granted CFTC approval to return to the U.S. after exiting amid legal trouble in 2022. As of Oct. 10, it had not yet relaunched its U.S.-facing product.
Kalshi is currently valued at $5 billion, while Polymarket is valued at roughly $9 billion, according to their respective founders.
Donald Trump Jr. is a Kalshi adviser and investor in Polymarket.
Why it Matters for Gambling Harm Prevention
Thiel’s extreme remarks towards critics of industries in which he has invested are notable for people working to reduce gambling harm in the U.S. Fanatical libertarian views like those espoused by Thiel often oppose consumer protections.
Some states have begun to introduce A.I.-related legislation to curb the use of the technology by online betting platforms. The proposed federal SAFE Bet Act also seeks to address A.I. in the gambling industry.
Thiel’s Polymarket could also face legal trouble upon its return to the U.S. if it goes through with its plan to offer sports betting.
Critics of prediction markets point out that these platforms can lack the consumer protection tools required of traditional gambling apps like DraftKings and FanDuel. While these tools can be ineffective and gambling addiction rates have soared in recent years, they can help some users avoid or reduce their exposure to harm.
Thiel’s labeling of people he sees as opposing “innovation” as evil is concerning.
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