Polymarket Removes Betting Contract About Cornell Sexual Assault Case

A company called Polymarket has removed a contract from its website that let people bet on whether seven men accused of raping a Cornell University student would face serious criminal charges. The contract had been open since September 30 and was set to close on January 31. More than $450,000 had already been wagered before the company took it down. Public outrage pushed the company to act.

Polymarket is a prediction market platform, which means it lets users trade on the outcomes of future events. People can bet yes or no on questions about sports, politics, or legal cases. The company said its goal is to give people data-driven insight into important questions. Critics said it was wrong to treat a sexual assault case like a game.

In a statement, Polymarket said it removed the contract after listening to public concern. 'We believe in the wisdom of crowds, have heard them loud and clear, and removed the market,' a spokesperson said. The company had argued the contract was about government action, not the victim herself. Many people found that explanation hard to accept.

Some anger was aimed at famous people who have deals with Polymarket. NBA star LeBron James appeared in a Polymarket commercial along with athletes Derek Jeter, Eli Manning, and Sue Bird. Many people online questioned why these well-known figures would be connected to a company that allowed such a contract. An online petition called on celebrities to cut ties with Polymarket.

The case involves a woman who filed a lawsuit using the fake name 'Jane Doe' to protect her identity. She said seven fraternity members sexually assaulted or took advantage of her in October 2024. She also said Cornell University did not handle her complaints the right way. All seven men have denied her claims.

Polymarket has partnership deals with major sports leagues, including the NHL, Major League Baseball, and Major League Soccer. This is not the first controversy the company has faced. A U.S. Army sergeant was charged for betting on Polymarket about a foreign leader's capture. There were also concerns about insider trading linked to bets placed just before a U.S.-Iran ceasefire was announced.

Even after removing the rape case contract, Polymarket still had a market letting people bet on whether Cornell's president would leave his job by October 31. That market had more than $10,700 in bets. The controversy around the company and the Cornell case was far from over.