Polymarket, a blockchain-based betting platform, saw $1.1 billion in bets placed on the Super Bowl, even as regulators continue to question its operations. The Philadelphia Eagles defeated the Kansas City Chiefs 40-22, but before the game, many bettors had favored the Chiefs to win. Despite regulatory challenges, bettors put large sums of money at risk by betting on high-profile events.
Polymarket Faces Growing Regulatory Pressure
Polymarket uses blockchain technology to allow users to wager on various events. However, some governments have taken action against the platform. In certain countries, Polymarket is completely banned. In the United States, the Commodity Futures Trading Commission (CFTC) has raised concerns and is pushing for access to the platform’s customer data. Regulators argue that the platform functions like a gambling platform, which would place it under strict financial regulations.
Legal experts, however, disagree with this classification. Crypto attorney Aaron Brogan says that calling prediction markets like Polymarket a form of gambling is misleading. He explains that unlike traditional betting companies, Polymarket does not profit from users’ losses. Instead, it earns money through transaction fees whenever bets are placed.
Crypto attorney Aaron Brogan argues in favour of Polymarket. Source: XSome Bettors Make Huge Gains, Others Face Big Losses
The Super Bowl betting market saw some users winning massive amounts while others suffered heavy losses. One trader, who goes by the username ‘abeautifulmind,’ placed bets on the Eagles and walked away with a profit of over $550,000. This bettor has an overall profit of more than $1 million, mostly from betting on sports events.
Not everyone was as fortunate. Another user, ‘hubertdakid,’ bet against the Eagles and lost $718,633. This wasn’t their first major loss on Polymarket. Data shows that their total losses on the platform now stand at $638,177, making them one of the biggest losing traders on the platform.
Super Bowl Bets Go Beyond the Game
Polymarket allowed users to place wagers on more than just the winner of the game. Some of the most popular bets included predictions on how many times Taylor Swift would appear on the TV broadcast and how long the national anthem performance would last.
Polymarket allows users to bet on predictions as well. Source: PolymarketSports Betting on Polymarket Surpasses U.S. Election Bets
The platform has now handled over $6 billion in bets related to sports, making it one of the most active categories on the platform. This figure is even higher than the $5.2 billion wagered on U.S. election outcomes, according to Polymarket Analytics.
The post Polymarket Sees $1.1 Billion in Super Bowl Bets Despite Regulatory Scrutiny appeared first on Coinchapter.
%%featured_image%%
