Polymarket Users Bet $1.1B on Super Bowl Amid Scrutiny
Polymarket processed a staggering $1.1 billion in Tremendous Bowl bets this 12 months, reinforcing its repute as a number one blockchain-based betting platform. The Philadelphia Eagles’ decisive 40-22 victory over the Kansas Metropolis Chiefs introduced large payouts for some bettors whereas others took heavy losses.
As Polymarket is getting common within the crypto market, it has drawn elevated scrutiny from regulators. A number of international locations have banned it outright, and the U.S. Commodity Futures Buying and selling Fee (CFTC) is in search of entry to person knowledge.
Critics argue it operates like a playing website, however crypto legal professional Aaron Brogan disputes that comparability. He factors out that not like conventional sportsbooks, which make cash from participant losses, Polymarket generates income by transaction charges.
Among the many greatest winners was a bettor referred to as ‘abeautifulmind,’ who walked away with $550,000, pushing their whole sports activities betting earnings past $1 million. However, ‘hubertdakid’ suffered a large $718,633 loss, bringing their whole platform losses to $638,177.
The Tremendous Bowl betting frenzy wasn’t restricted to the ultimate rating. Polymarket customers additionally positioned wagers on aspect bets, similar to what number of instances Taylor Swift could be proven on the published and the length of the nationwide anthem.
Sports activities-related betting on Polymarket has now surpassed $6 billion, even surpassing the $5.2 billion wagered on U.S. elections. Regardless of regulatory roadblocks, the platform continues to draw customers in search of decentralized betting alternatives. Because the demand for various betting markets grows, Polymarket’s affect within the business exhibits no indicators of slowing down.
Additionally Learn: Robinhood Halts Super Bowl Bets After CFTC Request
