Crypto Startup Lets People Bet On Whether Britney Spears Will Be Freed From Her Conservatorship
A New York City-based cryptocurrency startup is letting people bet on whether Britney Spears will succeed in freeing herself from her restrictive conservatorship.
Calls of ‘Free Britney’ have been commonplace on social media over the last few months as the pop star fights to regain control of her life from her father, Jamie Spears. Now, it seems the Soho-based company Polymarket has decided to let people make money on the outcome of her fight.
The startup allows customers to place bets on a range of pop culture situations, including COVID-19 vaccination rates, the next host of the game show Jeopardy, and the winner of the 2024 presidential election, as well as whether Spears will be freed.
Customers are invited to bet either ‘yes’ or ‘no’ with regard to whether Jamie Spears will either be removed from the conservatorship or quit the control he has over his daughter’s life by October 1, though Polymarket estimates that Spears has just a 28% of winning her battle by that date.
Gamblers who bet $100 on Spears being released from the conservatorship would win approximately $257, the New York Post reports, while those betting the same amount on the notion that she will not win her freedom would win about $38.
Shayne Coplan, the 23-year-old CEO of Polymarket, explained that the company acts as a ‘public barometer’ for predictions, allowing gamblers who are identified only by numbers and letters to set the market for the possible outcome of events across the political, economic and social landscape.
He told the New York Post: ‘It actually gives the utmost accurate forecast of the future – by way of letting people bet.’
Coplan launched his company in 2017 and managed to raise $4 million last year from venture capitalists after dropping out of New York University to start the company. The founder says Polymarket is useful not only to gamblers, but also to those looking to analyse newsworthy issues.
Similar to the ever-changing stocks of Wall Street, odds on certain outcomes change constantly based on user activity, with customers able to buy and sell ‘shares’ at any time and cash in if the market proves to be a success in relation to the prediction.
Polymarket uses cryptocurrencies that can be converted to cash, with the all-time leader have reportedly claimed winnings of $566,080. Polymarket Whales, a website which tracks those who place bets, also notes that the biggest loser lost $1,093,669 on a bet.
Customers must buy two cryptocurrencies to use the company; USDC, which is linked to the dollar one-to-one is and used for buying and selling shares, and Ethereum, which is needed to cover a crypto-network fee for transactions.
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