LeBron James turned into a billionaire in 2022 and currently boasts a $1.4 billion net worth figures, which guaranteed his most recent business deal would not go down well with his fans the way he thought it would.
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“Welcome to Polymarket HQ. Coming soon,” James wrote in his caption, adding an eyes emoji. “In partnership with Polymarket.”
The 14-second video sees James walking through an elevator with buttons indicating politics, crypto, sports, economy, culture, weather, esports, and technology before choosing “sports,” exiting the elevator, and making his way out to the Polymarket logo.
The post was made at 8.30 a.m. ET and gained tens of thousands of views in mere minutes. Polymarket responded to LeBron’s post within the hour.
“Thanks for swinging by our HQ,” they wrote, along with a goat emoji for the 76ers player.
The response makes clear that James is indeed the first solo athlete ever signed by either side. This comes after Polymarket signed a four-year deal worth $300 million with Major League Baseball in March and their separate deal with the NHL, taking them further into mainstream athletics.
This expansion has not been without challenges, and those challenges can go some way toward explaining why James is attracting so much criticism at the moment.
Some 20 states are either suing or joining the lawsuits against Polymarket and its competitor Kalshi, who claim their sporting bets are gambling without a license under current laws. However, both parties claim their betting schemes are nothing but speculative betting similar to commodity trading.
Before Polymarket came into the picture in 2020, James was an ambassador for DraftKings since 2024, but his contract expired earlier this year. Now, after this latest announcement, the fans are clearly not happy with things.
Fans Slam LeBron James Over Polymarket Announcement
The lack of explanation about the real intention of this deal failed to soothe any of the reactions online. Fans were quick to comment on the matter using social media to voice their discontent over the fact that athletes are using their popularity to support platforms related to gambling at such a sensitive period.
“This will affect your legacy unfortunately,” one fan wrote.
LeBron James, who is the highest-scoring NBA player with four championships, could potentially be jeopardizing his legacy by getting involved with a business that is facing legal challenges currently.
“No, my king, not Polymarket,” another fan posted.
Earlier this year, Giannis Antetokounmpo invested in Kalshi and received criticism for doing so.
“So unnecessary to promote this,” another comment read.
James’ reported $1.4 billion net worth eliminates any form of financial motive behind his decision to team up with a company that is still embroiled in lawsuits in about 20 states, amounts to $1.4 billion.
“Athletes should not be partners with gambling,” a fan wrote.
This is against the backdrop of continuous monitoring in professional sports, including the ongoing gambling scandal being investigated involving former NBA star Terry Rozier. This has made fans wary of athletes who promote themselves with betting sites.
“Being a billionaire isn’t enough, king,” another comment read.
This backlash reveals the contrast between how fans view business ventures versus performance on court. It is too early to tell what kind of impact the criticisms will have on James down the line, but it certainly does show that the partnership was received very differently from his other business decisions.