Polymarket CEO Accuses DraftKings and FanDuel of Creating a Duopoly in the Betting Market

^{Pictured: Shayne Coplan, CEO of Polymarket}

Polymarket CEO Shayne Coplan criticized traditional sportsbook operators during a speech at the Axios BFD conference, arguing that their business model is outdated and in need of reform. He also suggested that the legal status of prediction markets for sports events could eventually reach the U.S. Supreme Court.

Coplan noted that prediction platforms have recently secured several regulatory wins, allowing them to offer “event contracts” in certain states where sports betting has yet to be legalized.

He went on to outline several systemic issues he sees within the traditional sportsbook industry:

• high margins that make bets less favorable for customers,
• limiting or banning consistently winning players,
• lack of innovation in product development.

Coplan also criticized the current regulatory framework, calling U.S. sports betting rules “patchwork,” and said that DraftKings and FanDuel effectively operate as a duopoly in the market.

Rising concerns within the industry have been amplified by recent high-profile scandals across U.S. sports (NBA, MLB and UFC). Against this backdrop, Coplan said that Polymarket is developing tools aimed at increasing transparency and reducing corruption risks, adding that the upcoming solutions “will significantly improve existing practices.”

Earlier, Gambling Park reported that Polymarket became an official partner of the UFC.

* Duopoly — a market dominated by only two major players who effectively shape its conditions.