Polymarket reportedly raises $300 million from Donald Trump Jr.’s investment fund

JUST IN: Polymarket reportedly raises $300 million from Donald Trump Jr's investment fund 1789 Capital, in a round said to total around $1 billion.

Polymarket just took 300 million dollars from Donald Trump Jr's fund.

That's the Wall Street Journal reporting tonight, and the whole round is said to be around a billion. The fund is 1789 Capital, where Trump Jr is a partner, and this isn't their first pass, they already put 200 million into the site earlier. Same fund that backed the Enhanced Games, the steroid Olympics. They have a type.

Now, the part that makes this more than a funding story. At least 20 states are in litigation with prediction sites over sports wagers, and 44 state attorneys general just signed a letter saying the CFTC has no business regulating those bets. The Trump administration says the CFTC is the only regulator that counts, and the CFTC has sued nine states to make the point.

So the president's son is now a billion dollars deep into an industry his father's government is defending in court. That's the fact worth sitting with.

This is Kateryna Kovalenko, reporting for HIT.