Online gambler bet $400,000 on Maduro being removed
A Polymarket user turned a $33,000 bet into more than $400,000 by betting that Venezuelan President Nicolas Maduro would be ousted by the end of this month.
Predictive betting market platform Polymarket will open a pop-up bar, the Situation Room, in the capital “specialized in situation monitoring”.
The company announced its latest business initiative in an XPost on Wednesday, March 18th.
“Imagine a sports bar…but with a Live
The bar opens to the public on Friday, March 20th in Washington, DC and will remain open until Sunday, March 22nd. According to Polymarket, the Situation Room will open at 8 p.m. on March 20 and at 11 a.m. on March 21 and 22. The company did not specify when the bar would be open. However, Proper 21 K Street, where the pop-up will be held, closes at 12 a.m. Eastern Time Monday through Sunday, according to the website.
Polymarket opened a free supermarket in New York City last month to promote free markets. Polymarket donated $1 million to Food Bank For NYC as part of that effort.
“Built for free food, free markets, and the people who make New York tick,” the company said in a statement.
What is polymarket?
Polymarket allows users to bet on the outcome of real-world events, from who will win the Academy Award for Best Actress to when the United States will confirm the existence of aliens.
Top trending bets on the platform on Friday, March 20 included whether the U.S. will invade Cuba in 2026 and who the 2028 Republican presidential nominee will be.
Close scrutiny of the name “Situation Room”
Polymarket has come under intense scrutiny since its founding in 2020. In January, the Nevada Gaming Control Board filed a civil enforcement action against the company. In its complaint, the board asked the court for a declaration and injunction to stop Polymarket from offering unauthorized betting in violation of Nevada law.
But Nevada isn’t the only state trying to take the platform to court. Brett Bruen, chief executive of the Global Situation Office, a public relations agency, accused Company X of allegedly using the organization’s trademarked name.
“To track the situation around the world, we are trademarking @GlobalSitRoom and related terms (check notes),” Bruen wrote. “I’m really happy. It’s a great name. But no, you can’t use it. Yes, my lawyer will contact you.”
Global Situation Room has sent a cease-and-desist letter to Polymarket, claiming that the company’s use of the name “Situation Room” creates the false impression that Global Situation Room is “in any way connected to or associated with Polymarket’s services,” CNBC reported, citing a letter from a public relations agency.
“In fact, there is a clear overlap between the uses of GLOBAL SITUATION ROOM and THE SITUATION ROOM, as both marks include ‘SITUATION ROOM’ and enable consumers to monitor and act on global events,” the letter said, written by attorney Shane Delsman of the Milwaukee, Wisconsin-based law firm Godfrey & Kahn. “In fact, the marks are very similar and the Global Situation Room has already witnessed some real disruption in the form of press requests for comment on the opening of the new THE SITUATION ROOM bar.”
USA TODAY reached out to Polymarket for comment on March 20th.
Michelle Del Rey is a trending news reporter for USA TODAY. Please contact mdelrey@usatoday.com.
