Polymarket bettors have put $1.1 billion in quantity on the end result of the Superbowl, which noticed the Philadelphia Eagles beat out the Kansas Metropolis Chiefs 40-22, because the betting platform continues to achieve steam, regardless of regulatory hurdles.
Polymarket has change into the go to avenue for putting on-chain bets, which has introduced in scrutiny from regulators. Some international locations have outright banned Polymarket, whereas the U.S. Commodity Futures Buying and selling Fee (CFTC) desires to achieve entry to the platform‘s buyer knowledge.
In accordance to crypto legal professional Aaron Brogan, the argument that prediction markets, like Polymarket, are merely a Web3 model of playing is an inaccurate characterization.
Brogan, stated that in contrast to conventional betting platform, prediction markets make cash on the transactions charges somewhat that the customers.
Whatever the challenges, Polymarket is flourishing and bettors are gaining or dropping huge sums of cash.
Merchants go arduous on sports activities bets
On-chain from Polymarket Analytics exhibits that one dealer going by the deal with ‘abeautifulmind’ took house a revenue of over $550,000 from their bets on the Eagles. Information exhibits that this person has an general revenue of simply over $1 million, largely from bets on sports activities.
On the opposite facet of the commerce was a bettor by the title of hubertdakid, who misplaced $718,633 by betting towards the Eagles. This dealer appears to be down on their luck on Polymarket, with an general lack of $638,177.
Different Superbowl associated contracts on Polymarket included one about what number of occasions Taylor Swift can be proven on the printed and one other about how lengthy the nationwide anthem efficiency can be.
Total, lifetime quantity from sports activities associated contracts on Polymarket has handed $6 billion. That is greater than the amount on U.S. election markets, which got here in at $5.2 billion in line with Polymarket Analytics.