Polymarket Hits $1.1B in Superbowl Bets, Despite Regulatory Pressures
Polymarket saw a massive $1.1 billion in betting volume on the outcome of the Superbowl, where the Philadelphia Eagles triumphed over the Kansas City Chiefs 40-22. This significant volume highlights the growing popularity of the platform, despite facing increasing scrutiny from regulators.
As the leading platform for on-chain betting, Polymarket has attracted both attention and concern from regulatory bodies. While some countries have banned the platform, the U.S. Commodity Futures Trading Commission (CFTC) is seeking access to Polymarket’s customer data.
According to crypto attorney Aaron Brogan, the characterization of prediction markets, like Polymarket, as a mere Web3 version of gambling is misleading. Unlike traditional betting platforms, Brogan explains, prediction markets profit from transaction fees, rather than from the losses of users.
Despite these regulatory challenges, Polymarket continues to thrive, with traders experiencing significant gains or losses. One notable trader, ‘abeautifulmind,’ cashed in on the Eagles’ victory, earning a profit of over $550,000. This user has accumulated a total profit of over $1 million, largely from sports-related bets.
In contrast, ‘hubertdakid,’ a bettor who wagered against the Eagles, suffered a $718,633 loss, adding to an overall deficit of $638,177.
Polymarket’s Superbowl-related contracts also included predictions on events like the number of times Taylor Swift would appear during the broadcast and the duration of the national anthem.
With over $6 billion in lifetime betting volume related to sports, Polymarket has surpassed the volume from U.S. election markets, which reached $5.2 billion, according to Polymarket Analytics. The platform’s continued success signals a growing interest in decentralized betting, despite its ongoing regulatory hurdles.
