4 months ago
The Philadelphia Eagles won the Superbowl, but the Kansas City Chiefs were the aboriginal favourite connected Polymarket.
Feb 10, 2025, 6:02 a.m. UTC
Polymarket bettors person enactment $1.1 cardinal successful measurement connected the result of the Superbowl, which saw the Philadelphia Eagles bushed retired the Kansas City Chiefs 40-22, arsenic the betting level continues to summation steam, contempt regulatory hurdles.
Polymarket has go the spell to avenue for placing on-chain bets, which has brought successful scrutiny from regulators. Some countries person outright banned Polymarket, portion the U.S. Commodity Futures Trading Commission (CFTC) wants to gain entree to the platform's lawsuit data.
According to crypto lawyer Aaron Brogan, the statement that prediction markets, similar Polymarket, are simply a Web3 mentation of gambling is an inaccurate characterization.
Brogan, said that dissimilar accepted betting platform, prediction markets marque wealth connected the transactions fees alternatively that the users.
Regardless of the challenges, Polymarket is thriving and bettors are gaining oregon losing large sums of money.
Traders spell hard connected sports bets
On-chain from Polymarket Analytics shows that 1 trader going by the grip 'abeautifulmind' took location a nett of implicit $550,000 from their bets connected the Eagles. Data shows that this idiosyncratic has an wide nett of conscionable implicit $1 million, mostly from bets connected sports.
On the different broadside of the trade was a bettor by the sanction of hubertdakid, who mislaid $718,633 by betting against the Eagles. This trader seems to beryllium down connected their luck connected Polymarket, with an wide nonaccomplishment of $638,177.
Other Superbowl related contracts connected Polymarket included 1 astir however galore times Taylor Swift would beryllium shown connected the broadcast and different astir however agelong the national anthem performance would be.
Overall, beingness measurement from sports related contracts connected Polymarket has passed $6 billion. This is much than the measurement connected U.S. predetermination markets, which came successful astatine $5.2 cardinal according to Polymarket Analytics.
Sam Reynolds
Sam Reynolds is simply a elder newsman based successful Asia. Sam was portion of the CoinDesk squad that won the 2023 Gerald Loeb grant successful the breaking quality class for sum of FTX's collapse. Prior to CoinDesk, helium was a newsman with Blockworks and a semiconductor expert with IDC.
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