Polymarket raised $300 million from 1789 Capital as part of a funding round reported to be about $1 billion, Lakbima News reported, citing unnamed sources. Lakbima News could not independently verify the amount and contacted Polymarket for comment; the company did not respond by publication.

1789 Capital, a fund in which Donald Trump Jr. is a partner, previously invested $200 million in Polymarket, according to reporting. The firm has backed other contentious projects, including the Enhanced Games, nicknamed the “steroid Olympics” and founded by former employees of several tech companies.

Lakbima News contacted Polymarket for comment and received no response by publication.

State governments have increased oversight of prediction markets and are proposing new rules about whether and how residents may use those sites. At least 20 states are pursuing litigation against prediction platforms over sports wagers.

The federal government has defended the industry, arguing that the Commodity Futures Trading Commission should be the sole regulator rather than state authorities. The CFTC has filed lawsuits against at least nine states over their regulatory efforts.

A coalition of 44 state attorneys general signed a letter stating that the CFTC lacks authority to regulate sports wagers on prediction sites.

Lakbima News reported that Donald Trump Jr. appeared at an event with conservative state attorneys general, where he said the industry already has “robust oversight” and is “overseen by federal officials, not state attorneys general.”