Polymarket CEO Calls Traditional Licensed Betting Platforms “a Scam”

Polymarket CEO Shane Coplan sparked major discussion in the gambling and fintech communities after publicly criticizing traditional licensed sportsbooks, calling them “a scam” during his recent conference appearance. Coplan argued that many regulated betting platforms operate with opaque odds, unfavorable margins, and practices that ultimately disadvantage players. In contrast, he positioned prediction markets—the model Polymarket is built on—as a more transparent and economically efficient alternative. According to Coplan, the line between financial trading platforms and modern betting operators is becoming increasingly blurred, yet regulation continues to treat them as fundamentally different industries. He also highlighted that regulatory uncertainty remains one of the biggest challenges for companies in the prediction-market space. Platforms like Polymarket, he said, must constantly adapt to shifting compliance requirements while competing against large, well-funded sportsbook brands. His comments ignited debate among industry leaders, some agreeing that the traditional sportsbook model needs modernization, while others accused Coplan of oversimplifying the complexities of regulation and consumer protection.