Less than 10 years after dropping out of New York University and then starting what would become the prediction market Polymarket in the bathroom of his Lower East Side apartment, Shayne Coplan has been crowned the youngest ever self-made billionaire by capitalizing on Gen Z’s readiness to bet on anything.
Polymarket matches users with opposing bets and pays out $1 per “share” for every correct guess with the help of a U.S. dollar-backed stablecoin and a blockchain built on top of Ethereum’s infrastructure. This means if you bet “yes” on an outcome at 37 cents and it proves to be true, you’ll net a 63-cent profit. You can also sell your stake in an outcome before the event happens, which can also net you a profit if the price of your shares go up as the outcome you chose becomes more likely.
“I think these types of markets are just another place to make a bet,” Tomic told Fortune.
Polymarket did not immediately respond to a request for comment.
With this week’s announcement of the team-up and investment from the New York Stock Exchange’s parent company, Coplan is riding high, while still reflecting on his journey upwards.
“At the onset of the pandemic, I quite literally had nothing to lose: 21, running out of money, 2.5 years since I dropped out and nothing to show for it,” he wrote on X. “But I knew we were entering an era where ways to find truth would matter more than ever, and Polymarket could play a critical role in that.”
