Prediction platform Polymarket in talks to raise funds at up to $15bn valuation

Bets placed on Middle East conflict has led to US firm experiencing big increase in volume

Polymarket, the online prediction platform that hosts bets on events such as the Iran war, is in talks to raise $400m (£296m) at a valuation of up to $15bn.

The company has gained notoriety in recent months over wagers placed on the Middle East conflict, including on the timing of US-Israel strikes against Iran, and on a US-Iran ceasefire, some of which appeared to bear signs of insider trading.